conditions supportive of growth. While we expect the European Central Bank (ECB) to gradually shift to a more neutral stance

rkel's leadership. If we are talking about the European economy and currency, Germany is the indispensable power. Only the combination of Germany and the European Central Bank, working in unison, has a chance of calming the mighty markets. For more than a year now, Merkel has attempted to find the narrow — perhaps nonexist

en area is now festooned with immigration and customs barriers, and financial markets are assuming ever-ballooning asset purchase programmes by the , European Central Bank that stretch into an indefinite future. Oh, and a president of the European Commission who says the single currency makes no sense when the Schengen

ancesca Tondi, March 15, 2012 The ECRI (Economic Cycle Research Institute) claims papal infallibility on its historical recession predictions. ECB = European Central Bank. EMU = European Economic and Monetary Union The material contained herein is intended as a general market commentary. Opinions expressed herein are

quality. ¢ The economic recovery fails to gain momentum in the second half of the year. Credit demand fails to improve further as some of the recent European Central Bank (ECB) data indicates. The ECB cuts rates. ¢ Further quantitative easing by the Fed would be supportive for Bunds and speaks for lower yields. & Negat

should growth return. Notwithstanding, short opportunities will remain in several European markets due to the influence of renewables. Moreover, if the European Central Bank were to lower its Main Refinancing Operations rate, currently 75 bps, and provide other monetary policy support, we would expect not only increased d

tion of US Treasury and German Bund yields are important for EM fixed income spreads, especially for USD- and EUR-denominated bonds. Key date: Dec 6, European Central Bank meeting Capital flows The European debt crisis may lead to further periods of outflows and weaker prices, which could offer attractive entry levels

onomics team continues to believe inflation comes after growth and therefore isn't a threat to this cycle of easy monetary policy. We expect the Fed, European Central Bank and Bank of Japan will continue to promote "easy money." There is going to be an inflation shock that will come with accelerating growth-we just don'

ributions Act EU European Union IMF International Monetary Fund HOUSE_OVERSIGHT_031163 --- PAGE BREAK --- IF Institute of International Finance ECB European Central Bank EMU European Monetary Union AMT Alternative Minimum Tax A White Castle hamburger is smaller than its competitors' offerings, measuring 2.5 inches squ

db38605e8a52b61c43037c8a77065f7e60bb9edc8 eyeing the European Central Bank , which will issue a statement on policy and inte