The euro zone economy risks a Japan-style economic stagnation without fiscal stimulus, warns Blackstone CEO Stephen Schwarzman.
In a bid to alleviate some of the pressure from negative rates on bank balance sheets, the ECB at its policy meeting introduced a two-tier rate system, a measure encouraged by the heads of various major European banks during the latest earnings season.
"If they can't increase their capital, then they can't make more loans to people and to companies. If you can't make more loans, you don't grow your economy. You need to have credit expansion to grow economies."
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