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03 March 2015

Graham Bishop speaks about Europe at Global Independent Research Conference in London

The integration trend is your friend!

I asked 150 investors three simple questions:

  1. Who believes the design of the euro is flawed? About two-thirds of the hands went up
  2. So who believes the euro is doomed? About one-quarter raised their hand
  3. Overall, who has made money trading that view? Just one hand was visible!!!

A great new chart from the ECB shows why they have been so wrong: European integration has been rising for more than 60 years and is now accelerating – firstly because of Greece, but now Putin is a potent force to drive further integration. When will investors notice these profound forces at work? Remember the old investor's adage: "The Trend is your Friend" and the trend is clear.

Source: ECB, Occasional Paper Series, The four unions “PIE” on the Monetary Union “CHERRY”: a new index of European Institutional Integration.

© Graham Bishop

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