Brendan Keenan: Big leap of faith can restore confidence in the eurozone
Published 20/09/2012 | 05:00
THE trend is your friend, they say in the markets. If you ride it successfully, the res- ults can be spectacular. If you decide to buck the trend, you need time, nerve and, of course, to be right in the first place.
Right now, the trend is with eurozone governments -- perhaps to a greater degree than at any time since the crisis began.
The promise of open-ended ECB support for governments applying fiscal correction; the approval, however grudging, of the European Stability Mechanism by the German supreme court; even the mooted fiscal union -- all have changed the mood towards the eurozone.