The beacon of European integration can never be turned off by a nation with Germany’s history, as Herr Kohl has made clear in recent comments. But there is a dimmer switch – delaying the start of European economic and monetary union (Emu). Once that happens, the whole thing will unravel, and markets will return to looking at each country’s individual economic merits.
Which brings me to the UK. There are two judgements central to portfolio investment in the UK.
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