The must read “Italy is a better bond bet than Britain” on the Financial Times. Unicredit CEO Eric Nielsen implicitly confirms our latest post on global and European imbalances that can be solved only with a Northern Euro (including a base concept to realize it) and our post why the UK needs to be downgraded similar as France. Both the UK and Italy have the same weak current account, a weak investment position and slow growth. They should play together in the Southern euro league. Germany, Austria, Finland, Benelux, Sweden and even Switzerland should play in the Northern Euro league.
Even more, Nielsen says that the Italian industry is better than the one of the UK. He is right, still politicians haven’t created the two leagues yet.
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Tags: current account,Italy,neuro,Northern Euro,seuro,Southern Euro,U.K.,Unicredit