{"id":22580,"date":"2025-06-13T16:59:41","date_gmt":"2025-06-13T15:59:41","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=22580"},"modified":"2025-06-20T11:08:16","modified_gmt":"2025-06-20T10:08:16","slug":"quantitative-easing-commercial-banks-take-over-from-the-ecb","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/","title":{"rendered":"Ireland, a source of economic volatility for the Eurozone"},"content":{"rendered":"

Chart of the Week<\/h2>\n

Although Ireland makes up about 4% of the Eurozone’s total GDP, it accounted for more than half of the region’s growth in the first quarter of 2025. With a striking 9.7% increase GDP, Ireland alone contributed over 0.3 percentage points to the Eurozone’s total growth of 0.6%.<\/p>\n

\"\"<\/p>\n

OUR <\/b>ANALYSIS<\/b><\/h3>\n

The Celtic economy is undeniably dynamic, with growth averaging higher than that of the broader Eurozone. However, this impressive performance can largely be attributed to a specific peculiarity.<\/p>\n

Ireland’s GDP has become significantly more volatile than that of the Eurozone as a whole, primarily due to the outsized impact of intellectual property (IP) transfers on its national accounts. For tax-related reasons, Ireland has become a favored location for multinational companies to house their IP. These transactions are counted as investments in GDP calculations, which inflates growth figures-often without reflecting genuine improvements in the underlying economy, either in Ireland or across the Eurozone.<\/p>\n

Official Irish data does not allow for a direct breakdown of the impact of IP transfers on quarterly GDP growth. However, when analyzing Eurozone-wide growth figures, it’s important to account for the potential distortions introduced by Ireland’s unique national accounting dynamics.<\/p>\n

***<\/p>\n

Written on 13 june 2025. Opinions subject to change.<\/p>\n

See also: Small Caps made a comeback<\/a><\/p>\n

This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"

Chart of the Week Although Ireland makes up about 4% of the Eurozone’s total GDP, it accounted for more than… <\/p>\n","protected":false},"author":101016,"featured_media":22578,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2621,2710],"class_list":["post-22580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-europ","tag-smallcap-en"],"yoast_head":"\nIreland, a source of economic volatility for the Eurozone<\/title>\n<meta name=\"description\" content=\"Since 2018, European small caps have significantly underperformed large caps. By the end of April 2025, they were trading at a record discount of around 20% compared to large caps.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ireland, a source of economic volatility for the Eurozone\" \/>\n<meta property=\"og:description\" content=\"Since 2018, European small caps have significantly underperformed large caps. By the end of April 2025, they were trading at a record discount of around 20% compared to large caps.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/\" \/>\n<meta property=\"og:site_name\" content=\"Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-13T15:59:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-20T10:08:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/shutterstock_1392023534-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1438\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lazard Freres Gestion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:site\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lazard Freres Gestion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/\"},\"author\":{\"name\":\"Lazard Freres Gestion\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\"},\"headline\":\"Ireland, a source of economic volatility for the Eurozone\",\"datePublished\":\"2025-06-13T15:59:41+00:00\",\"dateModified\":\"2025-06-20T10:08:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/\"},\"wordCount\":314,\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/shutterstock_1392023534-scaled.jpg\",\"keywords\":[\"Europ\",\"smallcap\"],\"articleSection\":[\"Chart of the week\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/\",\"name\":\"Ireland, a source of economic volatility for the Eurozone\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/shutterstock_1392023534-scaled.jpg\",\"datePublished\":\"2025-06-13T15:59:41+00:00\",\"dateModified\":\"2025-06-20T10:08:16+00:00\",\"description\":\"Since 2018, European small caps have significantly underperformed large caps. By the end of April 2025, they were trading at a record discount of around 20% compared to large caps.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/quantitative-easing-commercial-banks-take-over-from-the-ecb\\\/#primaryimage\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/shutterstock_1392023534-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/shutterstock_1392023534-scaled.jpg\",\"width\":2560,\"height\":1438},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"name\":\"Tribune Lazard Fr\u00e8res Gestion\",\"description\":\"Blog\",\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\",\"name\":\"Lazard Fr\u00e8res Gestion\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"width\":5000,\"height\":5000,\"caption\":\"Lazard Fr\u00e8res Gestion\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/LazardGestion\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/lazard-freres-gestion\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCI1a03ScxMW6clPl82UO_tQ\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\",\"name\":\"Lazard Freres Gestion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"caption\":\"Lazard Freres Gestion\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ireland, a source of economic volatility for the Eurozone","description":"Since 2018, European small caps have significantly underperformed large caps. By the end of April 2025, they were trading at a record discount of around 20% compared to large caps.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/","og_locale":"en_US","og_type":"article","og_title":"Ireland, a source of economic volatility for the Eurozone","og_description":"Since 2018, European small caps have significantly underperformed large caps. By the end of April 2025, they were trading at a record discount of around 20% compared to large caps.","og_url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/","og_site_name":"Tribune Lazard Fr\u00e8res Gestion","article_published_time":"2025-06-13T15:59:41+00:00","article_modified_time":"2025-06-20T10:08:16+00:00","og_image":[{"width":2560,"height":1438,"url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/shutterstock_1392023534-scaled.jpg","type":"image\/jpeg"}],"author":"Lazard Freres Gestion","twitter_card":"summary_large_image","twitter_creator":"@LazardGestion","twitter_site":"@LazardGestion","twitter_misc":{"Written by":"Lazard Freres Gestion","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/#article","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/"},"author":{"name":"Lazard Freres Gestion","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c"},"headline":"Ireland, a source of economic volatility for the Eurozone","datePublished":"2025-06-13T15:59:41+00:00","dateModified":"2025-06-20T10:08:16+00:00","mainEntityOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/"},"wordCount":314,"publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/shutterstock_1392023534-scaled.jpg","keywords":["Europ","smallcap"],"articleSection":["Chart of the week"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/","name":"Ireland, a source of economic volatility for the Eurozone","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/#primaryimage"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/shutterstock_1392023534-scaled.jpg","datePublished":"2025-06-13T15:59:41+00:00","dateModified":"2025-06-20T10:08:16+00:00","description":"Since 2018, European small caps have significantly underperformed large caps. By the end of April 2025, they were trading at a record discount of around 20% compared to large caps.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/quantitative-easing-commercial-banks-take-over-from-the-ecb\/#primaryimage","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/shutterstock_1392023534-scaled.jpg","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/06\/shutterstock_1392023534-scaled.jpg","width":2560,"height":1438},{"@type":"WebSite","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","name":"Tribune Lazard Fr\u00e8res Gestion","description":"Blog","publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/latribune.lazardfreresgestion.fr\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization","name":"Lazard Fr\u00e8res Gestion","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","width":5000,"height":5000,"caption":"Lazard Fr\u00e8res Gestion"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/LazardGestion","https:\/\/www.linkedin.com\/company\/lazard-freres-gestion\/","https:\/\/www.youtube.com\/channel\/UCI1a03ScxMW6clPl82UO_tQ"]},{"@type":"Person","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c","name":"Lazard Freres Gestion","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","caption":"Lazard Freres Gestion"}}]}},"_links":{"self":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/22580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/users\/101016"}],"replies":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/comments?post=22580"}],"version-history":[{"count":5,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/22580\/revisions"}],"predecessor-version":[{"id":22634,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/22580\/revisions\/22634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media\/22578"}],"wp:attachment":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media?parent=22580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/categories?post=22580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/tags?post=22580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}