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Europe

The European debt crisis has been testing the nerves of investors since 2010. Nevertheless, it presents both risks and opportunities. Although it is difficult to analyze how the crisis will evolve from day to day, it is imperative that investors have a plan for investing amidst ongoing uncertainty.

Economic Expansions and Recessions
The heart of the matter: Europe lacks fiscal unity
 
  • In contrast to Europe, the U.S. consists of both a monetary union and a fiscal union.
  • While sharing a common currency offers several benefits including increased trade, it precludes individual states from adjusting their currency as an economic tool.
  • Without a fiscal redistribution mechanism, economic imbalances have led to greater dispersion in borrowing costs and divergent economic prospects.
 
Discussion Slides
Sovereign Debt Stresses
Global Equity Valuations - Developed Markets

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