- Question of whether euro has a future is a crazy one
- Our single currency has a future and is the future (ohhh I’m getting goose bumps)
- Crisis is not a crisis of the euro but one of sovereign debt
- Debt crisis is not limited to euro area, or regions of euro area
- This is new phase of global crisis
- I think market participants do not consider the fact that economic fundamentals remain strong
- Euro area not facing dimension of destruction in wealth as other parts of the world
- Economic growth will pick up again after we have overcome current crisis
- Potential growth could be similar to pre crisis level
- Likely GDP per capita will revert to similar levels as before crisis
- Seeing a loss of confidence by markets in ability to run sound fiscal policies
- Markets seem too be focusing on debt problems in Europe
- Behaviour of rating agencies has been irresponsible (hear hear!!!)
- Rating agencies had no idea about Greece support package before making downgrades, was unjustified
- We are facing severe problems but not as severe as markets suggest
Guy’s going on for ever. Enough of that. Anyways comments helping lend euro modicum of support. EUR/USD presently up at 1.2130.
