Editorial: Forget the Greeks - Europe is looking up
War in the Ukraine, murder in Copenhagen, almost daily showdowns with Greece; anybody could be forgiven for worrying about the state of Europe these days. But there are also plenty of reasons for optimism. Economic growth in this country has been fast for some time but it is also speeding up in the eurozone's core. Germany, the powerhouse of the single currency, has recently expanded faster than expected. Earlier this week, we learned that the economy there grew 0.7pc in the three months through December, bringing growth to around 1.6pc.
That growth was posted before European Central Bank president Mario Draghi belatedly unleashed quantitative easing on the continent; a move that will undoubtedly fuel economic expansion over the next 12 months across the eurozone. That's why equity markets, from Wall Street to Frankfurt and London, are climbing what stockbrokers call "the wall of worry" to new records or multi-year highs.
There may well be a touch of investor complacency here but the reality is that money managers are selling their investments in the US, Britain and Switzerland to buy shares in European companies.