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Eurozone Resource Center

European Monetary Union (EMU): Break-up or closer integration?

What is the most likely scenario in the ongoing EMU debt crisis? Break-up or closer integration? Or something in-between? What are the challenges lying ahead?

In order to keep you informed in a timely manner we have created the Eurozone Resource Center which will provide you with Allianz Global Investors' assessments of the situation in and the outlook for the Eurozone. Find our more in the latest updates from our experts.

April 2013 - Elizabeth Corley, CEO AllianzGI, at the Fund Experts Forum in Zurich: “The biggest risk is not to take risk!”

More than 100 Swiss investment professionals attended the first “Fund Experts Forum: Beyond Uncertainty,” which took place at the Gottlieb Duttweiler Institute on April 10th and 11th.more...

March 2013 - Focus Cyprus

In recent times, the attention of Eurozone market observers has increasingly focused on Cyprus, despite the small size of its economy. We continue our look at the current situation and at planned measures in Cyprus in light of the rescue package aimed at ensuring the country’s debt sustainability.more...

March 2013 - Germany: The driving force behind the Eurozone

Over the last decade, Germany – which was still viewed as “Europe’s sick man” back in 2003 – has evolved into the economic and political force that is driving the eurozone.more...

March 2013 - On the way towards a banking union

The European heads of state and government use the term “banking union” for the concept of a Single Supervisory Mechanism for all European financial institutions. What does this mean in detail, and what role will the European Central Bank play?more...

&amp;quot;Fair&amp;quot; Euro Sovereign (Italian) risk premium

March 2013 - A "fair" Euro sovereign (Italian) risk premium

We used an indirect approach on the basis of one of our “fair” value models for 10-year US Treasury notes to estimate a “fair” Euro risk premium. According to calculations based on this model, the Italy vs. Germany 10-year government bond spread was approximately 100 basis points (bp) above “normal” by the end of February 2013. more...

March 2013 - The elections in Italy and their consequences

In Italy, the early elections did not yield a stable government. While Pier Luigi Bersani, the leader of the social democratic Partito Democratico (PD), won a majority in the Chamber of Deputies, he is in a minority in the Senate – even if he enters into a coalition with the supporters of outgoing Prime Minister Mario Monti.more...

February 2013 - Quarterly Fixed Income Newsletter

Franck Dixmier, Chief Investment Officer Fixed Income Europe, sees the euro zone debt crisis on the road to normalisation.more...

February 2013 - Structural and Fiscal Measures: Italy

The Eurozone seems to be in need of increasingly deep fiscal cuts to stabilise its budgetary situation. However, it’s easy to overlook the fiscal policy measures and structural reforms that have already been initiated. We turn our attention to Italy to continue our look at the current situation and at planned measures. more...

November 2012 - Structural and Fiscal Measures: France

Fiscal cuts of increasing severity are necessary in the Eurozone in order to stabilise the budget position. An aspect that is completely overlooked, however, is what has already been done in relation to fiscal policy and structural reforms. This article continues our overview of the current situation and proposed measures, focusing on France.more...

October 2012 - Structural and Fiscal Measures: Spain

The EU debt crisis has been brewing for some time now. Deeper and deeper fiscal cuts seem to be required to keep budgets stable. We continue our overview of measures in the EU periphery with Spain.more...

October 2012 - Allianz Global Investors Insights

Articles in this month's edition include "Europe is a work in progess" by Franck Dixmier as well as a "Perspective on Europe: European outlook" by Neil Dwane. more...

October 2012 - Structural and Fiscal Measures

It is easy to overlook the fiscal measures and structural reforms which have already been undertaken, particularly in light of the imminent refinancing needs of the peripheral EU countries for the next two years. We will begin our overview of the measures in place on the EU periphery with a discussion of the situation in Portugal. more...

September 2012 - "Yes, but..."

This week all eyes were on the Federal Constitutional Court. Read our summary of the Court's decision on the constitutionality of the European Stability Mechanism (ESM) and the Fiscal Compact. more...

September 2012 - AllianzGI Insights: First Signs of a Tighter Monetary Union?

News out of Europe in recent weeks has been rather encouraging, confirming our expectations of “more Europe” in the future, as opposed to a breakup of the currency union. more...

September 2012 - Focus on Spain

Investors are wondering: are the fiscal measures that the Spanish government has taken sufficient? What are Spain's refinancing needs? And how is the Spanish bank rescue plan actually structured? More about Spain’s current situation in our latest publication. more...

September 2012 - Pause for thought on the EMU debt crisis

A tendency towards improvement in current accounts and unit labour costs is beginning to emerge in the eurozone. For this reason it is worthwhile taking a closer look at these two parameters from the real economy, far removed from current events within the eurozone.more...

September 2012 - SMP, EFSF and ESM: A Snapshot

The European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) are the two main components of the aid packages put together by the EU Member States to counter the EU debt crisis. However, investors are wondering how much financial momentum is left in the rescue plan. A snapshot.more...

August 2012 - European Monetary Union: Break-up or closer integration?

What is the most likely scenario in the ongoing EMU debt crisis? Break-up or closer integration? Or something in-between? What are the challenges lying ahead?more...

August 2012 - North-South Divide

The performance of the capital markets in individual Eurozone countries since the beginning of the year is quite informative. Both the equity and the bond markets appear to be playing the north-south divide theme.more...

July 2012 - AllianzGI Insights

Andreas Utermann on the Allianz Global Investors Investment Forum; Alexandra Richter on "Eastern Europe: Impacts from Fiscal Austerity and EU Banking Deleveraging"; Ingo Mainert on Elections in the Eurozone – read more in the latest “AllianzGI Insights”more...

July 2012 - RiskMonitor: Rethinking Safety

The findings of Allianz Global Investors’ third RiskMonitor survey show that investors have to rethink their notion of safety and strive for real returns.more...

July 2012 - EU Summit

The measures decided surprised the bearish sentiment on the upside. In principle the decisions are in line with AllianzGI’s base case scenario of long term difficult negotiations of keeping the Euro together and working towards a true European Union (convergence).more...

June 2012 - Election result in Greece

Short term relief – but the hard work still needs to be done.more...

June 2012 - Allianz Global Investors Insights

Stefan Hofrichter discusses the Target-2 liabilities.more...

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