Steen Jakobsen, Chief Economist at Saxo:
"We are at a pinnacle point in the European history in terms of Eurozone. We need to readdress Greece. Cyprus is still in the short term restriction scheme. We have the European budget coming up and Barroso’s speech clearly shows one is not emerging. The German political agenda is also changing. It’s more about Europe. I’m confused by the fact that we use the markets as proof that Europe is moving forward. There isn’t a functioning fixed income market in Europe. The Italian banks have more systemic risk than they had before. The systemic way things are done in Europe, with the OMT, is based on false promises as everything else is done in Europe. The tranquility and calm we are seeing in the market is based on two things: false promises with no capital backing it. Secondly, there is no price discovery in the market place, as the all liquidity is being provided by policymakers."
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