Sunday 11 December 2016

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.

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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.

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