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Labor mobility is obviously not mitigating the disparities between different regions in Europe, he said, noting it was easier for an American to move from one U.S. state to another for a job than for a European to move from one eurozone country to another, as different languages nike air max for cheap and labor and social security laws post impediments. A lack of common institution in the euro area was a more important cause of the euro crisis. It is noteworthy the U.S. economy is gradually picking up from the global financial crisis since last year, while Europe showed little sign of improvement.


Hoefert said a lack of labor mobility and common institution makes Europe a different story from the United States. Hoefert drew an interesting analogy between the United States and eurozone countries. He said the difference in GDP per capita between Massachusetts and Louisiana 2013 nike air max is roughly equal to the one between Germany and Greece, but people never heard American people saying Louisiana should leave the dollar zone or Massachusetts wants to leave the dollar zone. You cannot have this currency union without having an institution which is over the governments, Hoefert said. ' To solve the euro crisis, policy makers should create a fiscal union, a banking union and a level playing field in terms of competitiveness, but this would be a daunting task, he said.


Looking forward, Hoefert said he was pretty convinced there would still be a euro in 10 years, but it would be different. Probably some countries will have left the euro and those countries which remain in the euro will be much, much more integrated, including the fiscal cheap nike air max integration, the banking union and the competitiveness integration, he said. However, some senior portfolio managers and analysts argue it is not reasonable to assert there is a bubble in the bond market due to its unrealistically high price and unrealistically low yield.

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