Progress over the last couple weeks in Europe has moved the region one step closer to implementing a more lasting program to manage its financial crisis.
-Marc Tommasi, head of global investment strategy, Manning & Napier
- Europe Economic Overview:
- Progress over the last couple weeks in Europe has moved the region one step closer to implementing a more lasting program to manage its financial crisis.
- Draghi's plan is perhaps not the end of the story for stresses in Europe - the conditions attached to the plan lead us to believe that the markets will test the will of the ECB
- There are ongoing discussions regarding the Italian budget and France's fiscal plans as well as a series of bond refinancing in October.
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World Outlook:
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Developed world economic deceleration is being driven by the still high debt loads as debt has simply been moved from households to government balance sheets
- The growth deceleration across the Eurozone has led the ECB to cut policy rates three times
- Emerging world economic deceleration is shifting towards a better outlook in the second half of the year
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