Saturday, 22 December 2012

Europe Isn't Dead Yet



Mervyn King perhaps under-estimates, as many do in this country, the political will that exists on the Continent for keeping the euro show on the road.
You might imagine central bankers would have lost their capacity for surprise, after almost four years in which they have made increasingly unconventional and sometimes desperate moves to rescue the world economy.

But testifying before a committee of the European Parliament earlier this week, Mario Draghi, the head of the European Central Bank, once again showed his huge talent for knocking an audience back on its heels with one simple sentence.

With America on the edge of a fiscal cliff, Japan seemingly permanently paralysed, and China coping with a steeper than expected slowdown, he was asked where in the world there was any glimmer of economic hope. 

“The eurozone,” he replied.
Well, he would say that, wouldn’t he?   After all, he is the man who said a few months ago that he would do

anything and everything it takes to save the euro.  But what is interesting is that he is not alone. Growing

 numbers of hardbitten London-based fund managers and bankers have begun to say something very similar.

Read the full story here.

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