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Where to invest in "weak, fragile" Europe
The ECB's Mario Draghi was frank in his assessment of Europe's recovery: it's "weak, fragile and uneven". His words came after the Eurozone's central bank vowed to keep interest rates at a record low for the forseeable future. So where should you be putting your money? Saxo's Steen Jakobsen says there are still many opportunities to be had, notably in "core" Europe and Scandinavia. However as an investor, he says you need to buy yourself some time because he's predicting a major slowdown in Europe and the United States until the end of 2014.
He's also critical of the ECB's policy of giving forward guidance and says it's boxed itself into a corner. He says the ECB is "about to give up" in terms of their ability to do much more and that it's fed up of being seen as the villain of the peace. He says its mandate has been fulfilled and without a new mandate, it's up to politicians to make the changes necessary for a full European recovery.
02:14 minutes
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