Perhaps it is past time for all the EU Political & Econ Teams to come together...
...and make this week's ECB meeting fruitful?
Eurozone break-up would trigger £1 trillion of QE, see banks nationalised and deep recession, warns Fathom, By Philip Aldrick1:16PM BST 31 Jul 2012, The Telegraph, http://www.telegraph.co.uk/finance/f...ns-Fathom.html
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The economy would shrink by 5.2pc in 2013 if the euro collapsed, according to Fathom Consulting – a projection that former Bank of England deputy governor Sir John Gieve described as “modest”. In 2009, the worst year of the recent recession, the economy shrank by just 4pc.
Sir John added that the Government will have prepared contingency plans “to nationalise the banking system, for example” and warned that a euro collapse would leave Britain vulnerable to an attack from the markets. Speaking about the UK at Fathom’s quarterly Monetary Policy Forum, he asked rhetorically: “If you [traders] think Europe’s going down the plughole, who’s next?”
Euro climbs, but gains seen limited before ECB, By Michael Szabo LONDON | Tue Jul 31, 2012 8:13am EDT, Reuters, http://www.reuters.com/article/2012/...86E0JJ20120731
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Investors are focused on Thursday's ECB policy meeting after bank chief Mario Draghi pledged last week to do whatever was necessary to preserve the euro. That raised expectations of a bold ECB response, a move that could boost the currency.
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While the U.S. Federal Reserve is likely to hold off from adopting another bond-buying program at its two-day policy meeting that starts later in the session, some players think it might adopt such monetary stimulus in coming months. Investors will also eye Chicago PMI data for July, house prices for May and personal income and spending for June.