Do you think that the negative interest rate in the euro zone will change soon?

“Yes, but not very soon, it will probably happen in early 2020.”

What do you think about growth in the euro area?

De Croza: “We are less pessimistic than others at this point in time, the situation in Europe is less black than what is reflected in the media today, and it is true that some countries, like Italy, are in a relatively poor state, but the problems are manageable. Europe, including Spain, Italy and Germany. “

What about China?

“In recent years, China has been moving to an economy that relies more on domestic consumption and less on investment and exports, not all investments are good, and there is a problem of non-productive debt.”

it is not dangerous?

“The Chinese know how to get the chestnuts out of the fire, and with a lot of resourcefulness, they manage to reduce the volume of bad debts slowly, and they seem to succeed in preventing a collapse as a result of this.” China has been slowing down over the past year, but it is taking various steps to deal with it. Such as the easing of credit and the encouragement of consumption, we believe that in the coming quarters we will see stabilization, and we expect growth of 6.1% in 2019. Japan is expected to grow 0.8% this year and 1.3% in Europe. “

What do you think about property prices in the financial markets?

“There is no bubble and no collapse is expected this year, and in the last quarter of 2018 there was a small collapse, and that created an opportunity.” US stocks are not cheap today, but are also not expensive. The average multiplier there returned to about 16-18, which is reasonable. “

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