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Oct 02, 2012, 12.08 PM IST
Unicredit's chief economist for the euro-zone Marco Valli explains to CNBC-TV18 that though there is an outbreak of protests across Europe, the signs that the slowdown might be receding have begun emerge from data such as the manufacturing PMI.
Unicredit's chief economist for the euro-zone Marco Valli explains to CNBC-TV18 that though there is an outbreak of protests across Europe, the signs that the slowdown might be receding have begun emerge from data such as the manufacturing PMI. Valli dispels any near-term threat from the protests but advises that the protests be observed over the next two-to-three years.
Below is an edited transcript of the analysis on CNBC-TV18. Q: How are things panning out this week in the European markets? A: From a macro perspective, we should get used to these fears of volatility when we have news from the peripheral economies, although the trend will remain constructive. I think most of the rally, particularly in the fixed-income markets, is over given that sovereign curves now are much closer to fundamentals than they were a few months ago. The markets are now looking carefully at risks from the political arena. The recent data indicates there is some room for tentative bottoming out of the recession. So, not everything is going bad in terms of real economic activity in the euro zone. Q: What are you watching out for in the in the near term from Europe? A: The ECB meeting is slated sometime during this week. And although it is going to be important, I think Draghi will not make any major announcement. The ECB will consider the effects of the recent easing in the financial market tensions and will be express confidence that the easing of these tensions will be positive for further growth in the medium-term.
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