OUR VIEW: Is the independence of central banks in peril?

The role of central banks is increasingly becoming the focus of attention on the capital markets. Their independence – long a guarantor of stability and confidence – is now being questioned more than ever before. In the latest edition of OUR VIEW, we analyse the potential impact of a loss of independence on institutional portfolios and the strategies that can be derived from this.

The focus is on the following topics:

  • Is the independence of central banks in peril? Why this seemingly academic question is of central importance to investors – and which asset classes should be preferred in such a scenario.
  • Convex financial instruments: New ways to stabilise institutional portfolios in an uncertain market environment.
  • Focus on gold: Between an overheated rally and a sustainable allocation opportunity – how investors can use gold strategically.
  • Outlook for the global economy and financial markets: Our assessments and preferred asset classes

Please note that investing in securities involves risks as well as the opportunities described.

Is the independence of central banks in peril?

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Authors

Alexander Lechner

Head of Multi Asset Management

Gerhard Beulig

Senior Professional Fund Manager

Philip Schifferegger

Senior Professional Fund Manager

Dieter Kerschbaum

Communications Specialist

Gerhard Winzer

Chief Economist

Christian Süttinger

Senior Fund Manager

Thomas Wihan

Fund Manager

Contact

Erste Asset Management GmbH: Am Belvedere 1, A-1100 Vienna

Website of Erste Asset Management

Investment Blog of Erste Asset Management

Based in political district Vienna, FN 102018b, Vienna Commercial Court, DVR 0468703

Communications & Digital Marketing: eamcommunications@erste-am.com

Institutional Sales: institutional@erste-am.com

Editorial office: Dieter Kerschbaum

Editorial deadline: 09/10/2025

Source employee pictures: Stephan Huger,  all rights Erste AM / picture credit header image: AMBER BAESLER / AP / picturedesk.com

Disclaimer

This document is an advertisement. Please refer to the prospectus of the UCITS or to the Information for Investors pursuant to Art 21 AIFMG of the alternative investment fund and the Key Information Document before making any final investment decisions. Unless indicated otherwise, source: Erste Asset Management GmbH. Our languages of communication are German and English.

The prospectus for UCITS (including any amendments) is published in accordance with the provisions of the InvFG 2011 in the currently amended version. Information for Investors pursuant to Art  21 AIFMG is prepared for the alternative investment funds (AIF) administered by Erste Asset Management GmbH pursuant to the provisions of the AIFMG in connection with the InvFG 2011. The fund prospectus, Information for Investors pursuant to Art  21 AIFMG, and the Key Information Document can be viewed in their latest versions at the website www.erste-am.com within the section mandatory publications  or obtained in their latest versions free of charge from the domicile of the management company and the domicile of the custodian bank. The exact date of the most recent publication of the fund prospectus, the languages in which the Key Information Document is available, and any additional locations where the documents can be obtained can be viewed on the website www.erste-am.com. A summary of investor rights is available in German and English on the website www.erste-am.com/investor-rights as well as at the domicile of the management company.

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Detailed information on the risks potentially associated with the investment can be found in the fund prospectus or Information for investors pursuant to Art 21 AIFMG of the respective fund. If the fund currency is a currency other than the investor's home currency, changes in the corresponding exchange rate may have a positive or negative impact on the value of his investment and the amount of the costs incurred in the fund - converted into his home currency.

Our analyses and conclusions are general in nature and do not take into account the individual needs of our investors in terms of earnings, taxation, and risk appetite. Past performance is not a reliable indicator of the future performance of a fund.