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Raphaël Gallardo

Investment & Client Solutions Strategist

ECB: a fresh deal of the cards

06.02.2015 - Raphaël Gallardo

Market analysis by Raphaël Gallardo, strategist of Investment and client solutions.

"For once the ECB surprised markets on the upside at its 22 January meeting. Despite numerous press leaks, the measures announced widely exceeded the expectations of market participants … and of governments. This new monetary reality should provide support for European equity markets in the coming months.


Despite the exceptional measures introduced in 2014 (negative deposit rate, subsidised loans for banks in the shape of TLTRO, purchases of covered bonds and asset-backed securities), the ECB failed to raise medium-term inflation expectations. In the 12 months to December inflation fell to -0.2%, thanks to the impact of oil-related deflation. Strong action was therefore imperative to avoid a knock-on effect for wages and prices."

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Raphael Gallardo graduated from the Ecole Nationale Supérieure des Mines de Paris, civil engineering course.

Raphael Gallardo began his career as a financial Engineer at Paribas in 1997, before joining the Economic Research division of BNP Paribas in 1999 and the Asset Management in 2005. In 2007, he became a Chief Economist at Axa IM.

He joined Natixis Asset Management in 2013 as an Investment & Client Solutions Strategist.