History will not be rushed

Risk Analysis


Markets dislike uncertainty in general but detest political uncertainty most of all. This was demonstrated again in the aftermath of the double rejection of the draft European constitution by France and the Netherlands in May. The euro hit recent lows against the dollar, a trend that was exacerbated by open discussion of a desire on the part of some in Italy to withdraw from the eurozone and restore the lira. If anything, however, market reaction was mild compared with the

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