EFTA Document EFTA01461072

Deutsche Bank M arkets Research Global Foreign Exchan(j c7 FX Spot Special Report Euroglut here to stay: trillions of outflows to go • 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-scal