Deutsche Bank CEO calls on ECB to change course
Deutsche Bank`s chief executive John Cryan called on the European Central Bank to change course on providing easy-money, warning on Wednesday that he saw price bubbles in stocks, bonds and property.
"The era of cheap money in Europe should come to an end - despite the strong euro," Cryan told a room full of bankers in Frankfurt a day before the ECB`s governors meet to discuss policy.
The head of Germany`s largest commercial bank warned of the fallout from such cheap money.
"We are now seeing signs of bubbles in more and more parts of the capital market," he said.
Cryan also cautioned against using the strong euro as a justification for printing money. "However satisfying this may be for Europe’s self-confidence, I am concerned about the strong euro," he said.
Cryan said Frankfurt is the most natural location as a financial hub as banks move from London after Britain`s decision to leave the European Union.
Europe is more stable despite Brexit and the political uncertainty in the United States, he said. "The economic data now appears to be in Europe`s favour."
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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