Goldman Sachs Chief Global Economist Jim O’Neill On Euro

I have to say I usually don’t agree with the guy, but I have to say that now he is probably on the mark:

“The simple misconception is people trying to equate pure economic logic with social political reality,” O’Neill said in an interview from his office in London today. “The Germans and French are passionately committed to it whether the rest of us think it’s crazy or not.”

“This is 60 years of history in the making, so the idea that the euro simply falls apart at first test of its credibility, I think it highly unlikely.”

“It might well be in 20 years time it doesn’t exist but the idea that it’s not going to exist in the next year because the market is worried about Spain and Portugal’s funding requirements is ridiculous.”

Source: Bloomberg


This entry was posted on Monday, May 17th, 2010 at 8:07 am and is filed under Markets. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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