Epstein Secrets

8 At Davos in January, German Chancellor Angela Merkel defined her vision of Europe's future in classic

ine, say the Brits. Have your Federal Republic of Europe. But count us out. EFTA_R1_00225774 EFTA01840718 At Davos in January, German Chancellor Angela Merkel defined her vision of Europe's future in classically federal terms. Does Cameron have an alternative vision? "My vision," he replies, "is of a Eur

year, he left other European leaders thunderstruck with his dramatic refusal to agree to their proposed new treaty, designed to end the crisis in the European Monetary Union. In some ways, Cameron's Euro-skepticism is nothing new. Ever since British entry into what was then the European Common Market 40 years ago, Lond

ide back into Soviet rule, or anarchy (that view turned out to be wrong). Anyone market-weight European risk out of the expectation that “Trichet and Merkel will fix surely it” is taking a binary risk that impossible to handicap. Similarly, we should not start buying anything just because we think Qe3 is

almost twice the debt load as a percentage of its GDP. Absent a decision by Germany to move to Federalism or a lot more debt monetization by the ECB, the European Monetary Union (as it is currently configured) could be facing its final stretch. Today’s reported move by Italian regulators to seize documents at Moody’s regardin

ide back into Soviet rule, or anarchy (that view turned out to be wrong). Anyone market-weight European risk out of the expectation that “Trichet and Merkel will fix surely it” is taking a binary risk that impossible to handicap. Similarly, we should not start buying anything just because we think Qe3 is

almost twice the debt load as a percentage of its GDP. Absent a decision by Germany to move to Federalism or a lot more debt monetization by the ECB, the European Monetary Union (as it is currently configured) could be facing its final stretch. Today’s reported move by Italian regulators to seize documents at Moody’s regardin

ide back into Soviet rule, or anarchy (that view turned out to be wrong). Anyone market-weight European risk out of the expectation that "Trichet and Merkel will fix surely it" is taking a binary risk that impossible to handicap. Similarly, we should not start buying anything just because we think Qe3 is

almost twice the debt load as a percentage of its GDP. Absent a decision by Germany to move to Federalism or a lot more debt monetization by the ECB, the European Monetary Union (as it is currently configured) could be facing its final stretch. Today's reported move by Italian regulators to seize documents at Moody's regardin

” Second, to what extent will the rise of populism influence policies in the Eurozone? Here, Germany will probably provide a litmus test. Chancellor Angela Merkel and her coalition government are likely to respond to recent terrorist attacks there by proposing a stronger police and military presence, according

rorist suspects have already been arrested among them.°* With German elections scheduled for September 2017, it remains to be seen whether Chancellor Merkel will adjust her immigration policy. 28 | Goldman Sachs | JANUARY 2017 HOUSE_OVERSIGHT_014561 --- PAGE BREAK --- While populism is on the rise and

for September 2017, it remains to be seen whether Chancellor Merkel will adjust her immigration policy. 28 | Goldman

n Central Bank EM: emerging market EMD: emerging market dollar debt EMLD: emerging market local debt EMEA: Europe, the Middle East and Africa EMU: European Monetary Union EPS: earnings per share ETF: exchange-traded fund FTSE: Financial Times Stock Exchange FX: Foreign Exchange GBP: British pound GDP: gross domest