Paul Donovan, MD and deputy head of global economics at UBS Investment Bank joined CNBC last Friday to discuss his outlook for Europe and why he believes greater integration and a Euro bond is the endgame. He said:
“Integration is the endgame.”
But Donovan doesn’t think they’ll print money. In essence, Europe will end up swapping individual sovereign debt for the regional debt. There’s not denying the necessary next step here. If Europe can’t come together to integrate then we’re staring straight into the abyss of collapse. In my opinion, the latter is an unthinkable ending after all the progress of the Euro currency over the last 20 years…..
See the full interview below:
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.