6 According to Bank Lending Survey data. 7 Altavilla C., M. Boucinha and J.-L. Peydró (2017), “Monetary Policy and Bank Profitability in aLow Interest Rate  Environment”, forthcoming. 8 See Draghi, M. (2017), “Accompanying the economic recovery”, speech at the ECB Forum on Central Banking,  Sintra, 27 June 2017. 9 ECB (2015), “Effects of E-Commerce on Inflation”, Box 6, Economic Bulletin Issue 2.
It’s always about relative value Investing is always about weighing relative values – among asset classes, across points in a yield curve, across industries and types of credit. In our highly interconnected global environment, investment choices now also include weighing relative values across geographical markets and currencies. In other words, good investing is never done in a vacuum or in absolutes.