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Macroeconomics  |  December 08, 2012 10:06:39

Nielsen (UniCredit): Pessimism associated with Europe is exaggerated, smart investors are already buying

The periphery is underrated. Europe itself is now more attractive to investors than America, said in an interview with the London Investment web UniCredit chief economist Erik Nielsen. Potential of the European Union, according to him, undermined by its disunity, but Europe still awaiting a better tomorrow. But perhaps the two-speed arrangement and without the United Kingdom.

How do you think Europe will look like when the crisis subsides?

Erik Nielsen (EN): I have no doubt the two speeds, a two degrees of integration. This is the direction that Europe is unfortunately very likely to be. Britain for the European Union in this respect undoubtedly the biggest problem, but the Czech not remain far behind. I consider it unfortunate. Even so, to me likely that the eurozone will find necessary institutional framework that enables collaboration and sharing policies to the extent that ensure the sustainability of monetary union. By the way, the reforms that we have seen in Europe at the national level, are phenomenal.

Despite critical voices of many of his colleagues have therefore to what Europe is doing, satisfied?

EN: I work as an economist for 25 years, I did for the International Monetary Fund and other institutions, but I've never seen that any country has implemented such a fundamental, structural changes in its economy, which nowmake Spain or Portugal (Greece is, unfortunately, a bit of a different story). This is from the perspective of future growth are very good, there's no doubt. Therefore, I am optimistic in the long run, so if you keep the entire union structure together. And I believe that, yes.

Some member countries, but with the course, which most of Europe approves disagree.

EN: This means that some remain somewhat outside. According to me, yet even now can not exclude the possibility that in Britain a few years the country will hold a referendum and unfortunately leaves the European Union. We do not have the pleasure of it, but when it does, it just so. But do not be under any illusions about what such a move entails. Every European country is a small, open economy.The only thing achieved by the fact that you are deeply integrated in the group of countries that decide, is that you become a country like Norway, where Britain Norway without oil. In other words, you will accept everything in Europe agreed, but never at the negotiating table when the decision will be discussed.

How big a problem is it for those who remain outside or who choose a slower speed, it will?

EN: It never will be as good as if you are part of a group that decides. Policy needs to be coordinated. If you do not want to be part of this process, in order. Is it possible to live in isolation, yes, but it costs money.

Erik Nielsen would bet on Europe rather than the United States, can be found on the web Investment
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