Philippe Herlin  Finance Researcher / Doctor in Economics

   

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Zero Rate Ravages: HSBC France's Value Goes From 11 Billion Euros to Zero
Published by Philippe Herlin | Feb 20, 2020 | Articles 4308

Here is a further illustration of the damage that zero rates cause to retail banking, in France and around the world. In 2000, when the Sino-British banking mastodon HSBC wanted to buy Crédit Commercial de France (CCF), it was in competition with the Dutch ING and had to put 11 billion euros on the table. Twenty years later, while it is trying to get rid of it, the sale price is "close to zero" according to Les Echos.

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Return of Inflation: A New Scenario (Coronavirus and Other Black Swans)
Published by Philippe Herlin | Feb 6, 2020 | Articles 7946

"Where could inflation come from?", we asked ourselves in our previous article on rising energy costs. Let's explore another possible cause, reactivated by current events. When we look around us and throughout history, it doesn't seem that monetary sentiment alone is enough to cause prices to go up, it also requires a drop in output. This is the thesis we will develop.

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ECB: The Ongoing Headlong Rush
Published by Philippe Herlin | Sep 16, 2019 | Articles 19327

Mario Draghi decided before handing off to Christine Lagarde on November 1: the QE will be relaunched! Quantitative easing, the sovereign debt buyback of eurozone countries, will restart at €20 billion per month, "for as long as necessary", he announced on September 12th at a press conference.

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