Why I am relatively upbeat about Europe

I continue to anticipate a recovery in Europe in the second half of this year. The manufacturing PMI data that were released this morning suggest we could be in recovery before the end of the quarter. This makes me relatively upbeat about the medium-term. However, problems remain.
Two weeks ago I penned a post highlighting some thoughts on Europe, most of them positive. The lead-in was that European policy makers - who I believe are more committed to the European Project than most Americans - had ever more incentive to keep the euro zone together with the revelation of a hegemonic US spying on everyone. Acting as an American economic counterweight is an important animus in the face of some difficult economic circumstances. The overall gist of the post was that the data suggested a trend t...


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