Report8 December 2017Updated one year ago

ECB: Digital transformer

For a long time, 'investment' was the missing piece in the Eurozone recovery jigsaw puzzle. But it seems things have changed. Who would have thought an organization as old-fashioned as the ECB supporting state-of-the-art investment?

Executive summary

Investments have finally gained momentum, contributing to the surprisingly strong growth performance of the entire Eurozone.

The often criticised QE programme has gradually made its way into the real economy. In fact, contrary to received wisdom, low-interest rates have been more supportive of investments in intellectual property than construction. Also, the ICT investment recovery has gained momentum.

These are all pieces of evidence that the ECB’s QE programme is not only growth supportive but also fostering the structural transition of the Eurozone economy.