Today’s Eurozone seen from an investor’s perspective – Keynote (audio)

Screen Shot 2014-10-31 at 11.36.14 PMOn 30th October I was invited to address a meeting of German, Austrian and Swiss pension fund managers on how they should make sense of the Eurozone’s current state of play. In this keynote (click below for the audio and the accompanying slides) I present an explanation of the causes underlying the impossible dilemmas pension fund and fixed income managers are facing in Europe today. Plus a proposal of what the ECB ought to do to make a substantial difference.

For the keynote’s audio click below and, once its starts, open Zurich Powerpoint (and click to change slides when you hear the gong in the background)



  • Very insightful ‘lecture’…..what an irony it took place a day before the unprecedented BOJ quantitive easing that has offered a temporary relief to this particular audience…It would be interesting to have your views one day on the singular obsession of Japan with its own imposed two percent inflation target as the ultimate panacea.

    • “Further, his solution would have led to the Eurozone breaking up in 2010 had it been implemented at that time. ”

      So what? Better to have an end with horror than horror without an end!

    • It is exactly the point!

      Everybody is trying to solve problems that would not exist without the Euro. So why not getting rid of the root cause?

    • The article criticizes Sinn on the assumption that his proposals aim to improve the situation in the Eurozone WITH the Euro.As far as I know Sinn has not publicly spoken about dissolving the euro.
      Furthermore the “no bail-out clause” that exists for States in the US is a common example used by people against the bail outs in EU (and also used by Sinn) and the article explains how the US system actually works and how it is possible for US States to stay away from the need of a bail out most of the time.

      Thus like I said, you keep missing the point (of the article) or better said you choose to miss it.

    • If you listen to Sinn you will understand. He says in the Q&E session “There should be no sharing of wallets (transfers) before getting married (United States of Europe). He says he is in favor of that and that this would include one military.

      Knowing that he is not stupid, one should know how likely the French are to give up their military.

      Sinn even says tells a joke about Merkel loving Hollande and Hollande loving her money. The question is if Merkel Shares her wallet before getting married….

  • The only difference between the EIB proposal and what we have seen in Spain is that, in Spain the Spanish government has build airports nobody needs with Spanish taxpayers money/debt and the EIB proposal is to build more airports nobody needs in e.g. Spain with German Money/debt. – No thank you!

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