Bond Outlook [by bridport & cie, May 25th 2005]
Political change is coming in Europe, and, subsequently, economic change. The expected “no” votes to the EU constitution by France and the Netherlands are obviously protests rather than reasoned consideration of a well thought-out proposal. It is less obvious just what voters are protesting about? Do they want more of a free-market regime, or more social protection? The latter seems the obvious answer, but why then are the Germans moving massively towards the CDU? |
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If a common issue for protest can be identified, it is the sense of being pushed around by Brussels-based bureaucrats. |
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