Epstein Secrets

macroeconomic problems. This weakens the foundations of the fiscal self-responsibility that EMU is built on”. CBO Congressional Budget Office OMB _ Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIG

ports indicating a slowdown in manufacturing and service sector surveys. Michael Cembalest Chief Investment Officer Notes [a] Bundesbank President Weidmann, in response to last week’s package: “By transferring significant risks to the support-giving countries and their taxpayers, the Euro area has taken

d macroeconomic problems. This weakens the foundations of the fiscal self-responsibility that EMU is built on". CBO Congressional Budget Office OMB • Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT

reports indicating a slowdown in manufacturing and service sector surveys. Michael Cembalest Chief Investment Officer Notes [a] Bundesbank President Weidmann, in response to last week's package: "By transferring significant risks to the support-giving countries and their taxpayers, the Euro area has taken

worst-case outcomes have been avoided (money market failures, bank runs, etc), but markets will remain nervous about Europe. > Bundesbank President Weidmann, in response to last week’s package: “By transferring significant risks to the support-giving countries and their taxpayers, the Euro area has taken

'89 '92 '95 '98 ‘01 '04 ‘07 '10 Source: Empirical Research Partners. Michael Cembalest Chief Investment Officer CBO Congressional Budget Office OMB Office of Management and Budget EFSF European Financial Stability Facility FICA Federal Insurance Contributions Act EU European Union IMF International Monetary Fund IF Institute