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both sides are pretty far apart and will have to compromise to avoid a very negative market reaction to upcoming EU summits. Comments from outgoing Bundesbank President Axel Weber this week are indicative of the challenges here: "Strong German import demand is insufficient to compensate for the structural
to change. Past penantance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by. Morgan. It is a proxy for client perforntance and may not represent actual transactions or investments in client accounts. The mode
Unfortunately, the ECB can't create jobs Employment percent change, O0O, saar 3% .3% 2005 2006 2007 2008 2009 2010 2011 Source: EurostaL Bundesbank. After four years that challenge some of the basic assumptions of efficient markets and laissez-faire capitalism, there is a pent-up demand for nor
o change. Past performance is nor a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. Iris a proxy for client performance and may nor represent actual transactions or investments in client accounts. The mod
o fiscal transfers through joint and severally guaranteed Eurobonds. Will Germany cave in on this as well? Who knows. I spoke last fall to a former Bundesbank member and professor of economics at Bonn University who organized the petition of 150 German economists in 1998 arguing for a postponement of the E
o change. Past performance is not a guarantee of future results. References to the performance or character of our portfolios generally refer to our Balanced Model Portfolios constructed by J.P. Morgan. It is a proxy for client performance and may not represent actual transactions or investments in client accounts. The mo
Entities connected to both Bundesbank and Balanced Model Portfolios

JPMorgan Chase
ORGANIZATIONMichael Cembalest
PERSONPrivate Investments
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONthe European Monetary Union
ORGANIZATIONJ.P. Morgan Securities LLC
ORGANIZATION
Michael Jackson
PERSON
Jackson Hole
LOCATION
ISI Group
ORGANIZATIONChina Economic Information Network
ORGANIZATION
Middle East
LOCATION
George W. Bush
PERSONJ.P. Morgan Securities
ORGANIZATION
Moody's
ORGANIZATION
Central Banks
ORGANIZATION