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Low level of Ination

Cheaper Crude oil in 2014~2015further decline in ination

 -0.2 ination!deation" !#$% &e2014"

re'ult( purcha'ed dela)ed% le''de*and% le'' +i,. epan'ion=>rece''ion

h) /#

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Quant.

Tool

Infation

ghtTight/Dear

Defa

gEasy/Cp

C%L

Increa'e &ecre

33 ell u

onetar) 6olic)

ut alrea

9eed for

+ac:up

olution

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#C Chair*anario &ra;hi

I will purcha'e ever)*onth(<10+( private +ond'<50+( tate +ond'!atin; of - or

<0 +illion *ontarch"

 8ill ep 201C6I ?"

< 1.1 trillion

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7/18/2019 7. European QE

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 Aapan% $7% #n;land earlier andnow /# #uro,one ond purcha'e!2015% arch"

Increa'ed *one) 'uppl)

Cheaper loan product'( *ore car'and ho*e' 'old

#uro ;et' wea:er than B( #uropean#port ?

&e*and ?( &eation decre'e' andination increa'e'.

#

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ond purcha'e ?

ond price ?( ond )ield D

EE0=10 => E100=E

 8o earn 'a*e return% )ouFve topurcha'e *ore Guantit) of de+t.

6en'ion in'urance co'. 'ell-oH -

ec% focu' on private +ond'=>co*panie' ;et new capital nance

u'ine'' epan'ion% @o+'% &6etter !'a)' 8he-#cono*i't"

#

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1. er*an' donFt li:e it(printin; *ore *one) =>h)perination a' in 6re-2

#

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Good or India

ore forei;ncapital inco*in;

ea:er euro =>cheaper #uropean

i*port'ore de*and in#$=> eport +oo't

tron;er upee=>7;riculture% tetilephar*a eport' widecline

ore *one)( Inat

Jtaperin;K => 'udwea:enin; of upe!201( 50=>E"

Mot *one)

Bad or Ind

#C( /uantitative #a'in; ond 6ur

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*echanical ter*= Continuou' reduction owidth.

hen #C 8aperin; 'tart'

E5

N5

5

55

Billion Euros

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7

1.  8aper O hint that #$ recoverin;

2. PII' pull out *one) fro* Indian*ar:et =JM38 one)K.

. upee ;et' wea:er co*pared to*a@or currencie'

4. hile ;ood for eport' +ut +ad fori*port'

5. a@an( 1't worldF' low-intere't ratepolicie' are unlea'hin; nancialtur*oil on e*er;in;-*ar:etecono*ie'

#C

E5

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reece 7nti-7u'terit

ea'ure'

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pr

1. #ce''ive pu+lic welfare

2. Lo'' *a:in; 6$' not 'hut downto plea'e the la+our union'

. overn*ent +orrowed fro*#uropean +an:'

4. a'' ta eva'ion

5. u+pri*e cri'i'=> eport' down%revenue down

. $na+le to repa) loan'=>Joverei;n de+t cri'i'K

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1. #C will not +u) reece-+ond' for 1't  *onth' of2015

2.  QourF' are @un: +ond'

. 6ro*i'e' not lled for even+ailout *one)

4. 9eed reece to followJ7u'terit)K

he

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1. 'cal decit D

2. elfare 'che*e' D

. hut down privati,e 6$'.

4.  8a rate' ?

5. ive pro;re'' on previou' +ailout*one) !earlier al'o Jpled;edKrefor*'."

. ree: Lefti't part) J)ri,aK% leader7lei' 8'ipra'( J7nti-au'terit)K

N. reece a) wal: out of #uro,one!&rach*a currenc)"

7u

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1. #uro => &rach*a

2. ItFll +e ;reatl) wea: than otherforei;n currenc)

. #port'R. ?

4. I*port epen'ive% heav) ination

5. +ut +oo't do*e'tic production for

Jelf-relianceK Sa) +eTU. Mow will #$ power' recover loan

*one)

I

#u

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1. Include our +ond' in /#pro;ra*

2. rite oH our previou' de+t.!no *ore intere't prinpal re-pa)*ent"

. ive additional JailoutK*one)=> pu+lic 'pendin;=> create @o+' => de*and+oo't => &6 i*prove'.

w