For the last two years, if the Eye on the Market had a single dominant theme, it was that a common monetary policy does not by itself create a durable monetary union; that European asset markets were not adequately pricing in the risk that the European Monetary Union could fail, or require massive transfers to save it; and that austerity with no FX devaluation is doomed to failure. During this time, our skepticism about the EMU and European asset markets has been rewarded at every turn.
Πηγή: J.P. Morgan