CEE Strategy: Navigating An Uncertain Policy Environment

The major factors underlying our current market strategy across emerging European asset classes are perhaps, more than ever, policy driven. With the ongoing eurozone sovereign debt crisis arguably the most prominent development overshadowing regional markets, it is political paralysis in the region and a so far anaemic response by leaders in Berlin, Paris and Brussels to the ever-intensifying debt crisis, which has clouded the outlook for demand in Western European markets, raised fears of liquidity constraints and credit availability, and increased the risk of widespread contagion pushing regional banking sectors towards major capital shortfalls.

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