EFTA Document EFTA01461070

Deutsche Bank Markets Research Global Spot gn Exchange For ei Special Report FX Dale 9 March 2015 Last year we introduced the Euroglut concept: the idea that the Euro-area's huge current account surplus reflects a very large pool of excess savings that will have a major impact on global asset prices for the rest of this decade. Combined with ECB quantitative easing and negative rates we argued that this surplus of savings would lead to large-scale capital flight from Europe causing a c