Getting closer in Europe

The sense is that we are getting closer and closer to the inflexion point at which the ECB rolls its sleeves up and gets stuck in – or certain countries are cut loose. There was also talk on Friday of banks starting to seriously stress-test some of the scenarios that a year ago would have been viewed as ‘black swan’ events (high impact, low probability). It’s a sign of the situation we are in after nearly two years of piecemeal and incremental approaches, based around compromise and national

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