Lars Christensen was not stunned by Russia’s invasion of Ukraine. He thought President Vladimir V. Putin’s actions over the previous twenty years foreshadowed the warfare. Nonetheless, the Danish economist is dumbfounded by Russia’s inept navy and financial planning that has resulted within the reverse of what Putin supposed. The warfare has unified Ukraine, NATO and the West, and if Ukraine prevails, Christensen believes its rebuilding presents a possibility to recast governance, establishments, and prosperity past what the nation ever dreamed.
Christensen has typically made shrewd observations.
In Could 2020, because the U.S. began to brush itself off from the preliminary shock of the Covid-19 pandemic, Christensen instructed The Economist: “By the point People vote in November, unemployment will likely be under 6%.” He argued that, not like monetary crises induced by financial coverage missteps, pure disasters are normally adopted by extra speedy restoration.
Lockdowns had despatched the April 2020 unemployment charge hovering to 14.7 p.c. In June, in line with the journal, “at the very least 14 of the Federal Reserve’s 17 interest-rate-setters forecast that quarterly unemployment on the finish of the 12 months would nonetheless be above 9%.” The Bureau of Labor Statistics reported US unemployment in November at 6.7 p.c.
Christensen is unabashful when difficult management. In 2015, the impartial Danish Central Financial institution turned charges unfavourable to assist hold its forex in step with the euro. However Danish banks continued to pay constructive returns, till they stopped subsidizing savers in 2019. This infuriated the nation’s enterprise minister Simon Kollerup: “It’s too grasping when banks ship giant earnings, however nonetheless proceed to impose unfavourable rates of interest on increasingly Danes.”
Responding to the enterprise minister’s feedback, Christensen instructed Reuters, “at greatest, it’s an expression of a minister who doesn’t perceive fairly easy monetary and financial contexts; at worst, it’s an expression of maximum populism.”
Christensen makes a speciality of worldwide economies, rising markets and financial coverage, and is a extensively revered economist. After serving as an financial coverage analyst on the Danish Ministry of Financial Affairs, he turned head of rising markets analysis on the main Scandinavian financial institution, Danske Financial institution. In that position, he reported on Central and Jap Europe points, having anticipated quite a few financial crises.
He’s now the proprietor of the financial consultancy Markets and Cash Advisory, and at the moment advising giant Scandinavian pension funds and European blue-chip producers about ongoing geo-political and financial dangers associated to the warfare, inflation, and rates of interest.
On this April twentieth interview with RIA Intel, Christensen shared a few of what he’s telling them.
Good afternoon, Lars, what’s your 30,000-foot view of current financial circumstances?
We’re seeing the collision of occasions which every on their very own could be a significant matter. All collectively, we haven’t been challenged like this because the Second World Battle. The pandemic remains to be with us. Inflation is spiraling towards double-digits throughout many of the world, led by important commodity costs. Central banks are manner behind the curve, one thing we haven’t seen in 40 years, portending aggressive rate of interest hikes which will not be rigorously phased in. We’ve China locking down crucial areas of its financial system that may considerably curtail progress each domestically and globally. After which the unprovoked Russian invasion of Ukraine has triggered devastation and hovering geopolitical tensions we haven’t seen since Hitler was Chancellor of Germany.
As a global advisory, what are you telling your purchasers?
In advising main Scandinavian pension funds and European producers, I’m assessing investments which might be immediately and not directly uncovered to the warfare. We’re dealing with uncertainty that’s now at a distinct sort of degree than we’ve been used to after two years of Covid. The cocktail of occasions is making it terribly troublesome to precisely assess and reply to.
Broadly talking, I’m advising to cut back publicity to turbulent areas, planning for different work arounds. Producers proceed to be tormented by provide chain issues and rising manufacturing prices, aggravated by China’s zero-Covid coverage that’s additional impacting provide chains and manufacturing. Then we’ve got rising commodity costs, inflation, and central banks being manner behind the curve. So, purchasers want to organize for growing market volatility and uncertainty that include rising rates of interest.
Did the Russian invasion shock you?
No. Two weeks earlier than the warfare started, I used to be speaking with a very good good friend, a senior Nordic company supervisor who lives in Russia. He requested me if I believed warfare was probably. I mentioned I see no good motive Russia ought to invade. However I’ve a sense Putin will do it nonetheless.
I’ve been overlaying Russian exercise and conduct for greater than 20 years. One of many first papers I wrote was on the Yukos Oil scandal. Putin threw the top of the corporate, Mikhail Khodorkovsky, in jail for 10 years for having challenged him politically. The Kremlin confiscated his firm. Then you may have the terrorist assaults at a Moscow theater and a Beslan college, which each ended with authorities forces having killed a whole bunch of harmless civilians. Putin intervened within the management of Georgia and Ukraine and was livid when their respective Rose and Orange revolutions ended up ousting the Kremlin’s males. All through, Putin poisoned opposition leaders. In 2008 he went to warfare with Georgia. However when he annexed Crimea in 2014, Putin basically modified techniques, which was a precursor to the present invasion of Ukraine. We shouldn’t overlook Russia’s horrific bombing in Syria in 2015 and 2016.
Those that had been stunned by the invasion didn’t recognize the cumulative image all these actions had been portray over the previous 20 years. Many characterised these actions as a nuisance, a lot the best way the U.S. misjudged the risk posed by Al Qaeda earlier than 9/11.
Why do you assume Russia-focused advisors had been usually incorrect of their considering that warfare wasn’t probably?
That’s a very good query. I’ve been speaking with folks through the years, since 2014, and I believe loads of observers put an excessive amount of emphasis on what they noticed to be the typical Russian perspective: that invasion could be insane. Evaluation wasn’t based mostly on Putin’s personal rational, which partly could have been badly knowledgeable concerning the adequacy and functionality of Russian navy functionality, and the way prepared the Russian financial system was for this.
When he first took energy 2000, Putin surrounded himself with navy and safety specialists, economists and finance specialists, oligarchs and opinion leaders that collectively offered him with numerous views of the world. That disappeared beginning in 2008. This implies Putin has not been receiving a full presentation of actuality. I speculate that nobody is now basically shut with Vladimir Putin. And that’s the issue, which additionally makes it troublesome to forecast what he may do subsequent.
Backside line: He both didn’t assume or care how dangerous such a warfare could be, not just for Ukraine and the remainder of the world, however for Russia and himself. Along with his future unsure, this makes him extra unsafe than ever.
What’s your notion of Putin?
The generally accepted notion of Putin as an astute five-dimensional chess participant is incorrect. He thinks instinctively. And whenever you speak with navy analysts, the whole invasion went towards how such navy actions must be deliberate. And in case you have a look at the financial planning, it’s clear that Putin didn’t anticipate the diploma of Western sanctions. Putin may’ve thought warfare would’ve divided Europe. Putin has united Ukraine and Europe like we haven’t seen earlier than.
Ignorant or incompetent, Putin nonetheless worries you drastically.
Sure. I’m personally terrified by many issues I’m seeing. What distresses me a lot is the entire Putin narrative, which feels like racial warfare with echoes of Hitler’s idea of Lebensraum. This makes it not possible to know the motives of the person. Ukrainians and Russians are very a lot the identical folks, and Russia doesn’t want land to develop. It’s the most important nation on earth. It comes right down to Putin wanting one thing and he makes use of bullying techniques to get it. And nobody has ever stopped him previously. His conduct over the previous twenty years is a avenue thug. He’s not intelligent or clever sufficient to construct a productive society. He would somewhat steal one.
How do you assess the West’s response up to now?
I’m extraordinarily constructive concerning the West’s united and strong response to the Russian invasion — from well-calibrated sanctions to refugee resettlement, particularly after practically twenty years by which Europe struggled with how you can successfully and humanely take care of the inflow refugees from war-torn Syria and Northern Africa.
Do you imagine the West’s response will maintain by 2022?
Sure. The financial sanctions put in place have been very effectively conceived, minimizing the consequences on each the European and world financial system. Opinions throughout Europe are remarkably unified towards Russia: Danes, Poles, Latvians, Portuguese, French, Italians share a typical standpoint. Which means the politicians can extra simply stay united. Exacerbated by vital brain-drain, sanctions have significantly weakened Russian progress prospects over the following 5-10 years.
I’m don’t usually imagine in sanctions to topple a regime or considerably alter its trajectory. They received’t make Russians nor the nation’s elite stand up towards Putin. However I see sanctions are having an incredible price on the Russian financial system and the funding of the Russian warfare machine. They make it more durable to wage warfare with out an finish. And sanctions make it nearly not possible to start out new navy ventures.
I imagine the following step we should always take into account is a world import tax on Russian power exports. (Bear in mind the present ban is voluntary and Europe remains to be shopping for a lot of Russian fuel.) A worldwide 30 p.c tax on oil and coal, and a ten p.c tax on fuel, would shift a part of the warfare prices. It will have a unfavourable affect on the world financial system. However it could be far much less dangerous than an all-out embargo. International consumers would pay this tax to their respective governments, and proceeds may ideally be despatched again to help Ukraine.
However isn’t Russia struggling to promote its oil and fuel?
Sure. And the place it’s doing so, it’s in all probability promoting considerably under market value. Additional, worldwide transport corporations have been self-sanctioning. The world’s largest container-shipping line based mostly right here in Denmark, Maersk, has deserted Russia. Oil pipelines don’t cross Europe. So, it’s a little bit of an untold story that the value Russia is receiving for its oil has collapsed.
If the warfare drags into 2023, do we’ve got to reassess the West’s collective unity?
Even when we drift right into a stalemate like we noticed 70 years in the past in Korea, the place there’s no peace and no sizzling warfare, and if Russia holds on to stolen lands, then I imagine the sanctions will largely keep in place.
After having collapsed 40 p.c, the Russian rubble is nearly again to pre-war ranges. Please clarify.
This will appear counterintuitive at first, however the rubble has rebounded as a result of sanctions are working. Russians can not spend the cash they get on international merchandise. The financial system has develop into all of the sudden internalized. Sometimes, when Russia sells oil and fuel, the rich exit and purchase Mercedes-Benz or Prada. They’re not shopping for these merchandise. So, you’re not seeing rubbles being spent on international items and providers. With no outflow, solely influx of capital, you see a big enchancment in commerce balances. Additional, with restricted commerce and little hedging, there’s no lively buying and selling between the rubble and different main currencies — which might have additionally influenced trade charges. The rubble is basically in a vacuum, performing by itself.
From an financial perspective, do you assume the West must be extra concerned militarily to assist finish this warfare, to attenuate destruction and scale back the final word price of the warfare?
I can’t reply that as a result of I’m not a navy knowledgeable. I’ve been stunned by Europe’s aggressive arms response to Ukraine. The quantity of {hardware} flowing may be very vital. No one may’ve imagined this a 12 months in the past. Even impartial nations like Sweden, Finland, Eire and Austria are offering assist to Ukraine — even arms.
However I can supply one navy commentary. I imagine the West’s response would’ve been very totally different had Putin by no means tried to maneuver on Kyiv and had stored its invasion targeted on the East. If Russia had completed so, the West’s response wouldn’t have resembled something like what has materialized, and there’s an inexpensive likelihood that Putin would’ve gotten what he wished: destabilizing the Zelensky authorities with out having significantly woke up NATO.
Russia’s huge encirclement of the nation and its try and decapitate Ukrainian management fully altered NATO’s and the West’s response. From a tactical perspective, this choice was a significant blunder. He united Europe and the U.S., and now Sweden and Finland are making use of for NATO membership.
Why do you assume the Russian invasion has seemingly gone so poorly for Putin?
I’ll be blunt. We’re seeing a very silly man making actually silly selections. Digging deeper, the weak point of the Russian navy is largely as a result of nation being one of the corrupt locations on this planet. In consequence, the forms doesn’t work effectively. There’s loads of inefficiency. And that is exhibiting up in a corrupt and poorly working navy.
Do you assume NATO is in search of an environment friendly Ukrainian victory or to bleed the Russian navy and financial system?
I don’t wish to speculate on the motives of NATO. But when one is cynical, it’s potential to see the West’s response has been to bleed Russia, to not search a fast Ukrainian victory or an finish to the warfare. A warfare of attrition is horrible for Ukraine. NATO officers are combating whether or not its actions are designed to save lots of Ukraine or to defend NATO. It’s in all probability each.
On a private degree, as somebody who has spent a substantial amount of time in Central and Jap Europe, within the Baltics, Ukraine, and in Russia, I’m livid concerning the warfare. I’ve many buddies and colleagues who’re caught up within the warfare. Ten minutes earlier than this telephone name, I used to be speaking with a Ukrainian refugee boy who’s enjoying basketball within the membership the place I’m on the board. But when I let my private emotions colour my evaluation, I wouldn’t be a very good economist or advisor.
What are your ideas concerning the West extending sanctions to Russia’s buying and selling companions that aren’t honoring sanctions, like China and India?
I believe that’s a step too far. Earlier than we take into account going there, there are loopholes we are able to nonetheless shut, together with commerce with Belarus and including taxes on Russian exports. Bear in mind, if the choice to sanction nations like India and China is questioned by any within the coalition, then it may weaken our unified entrance.
The IMF lately diminished its 2022 world progress estimates by practically one full share level in response to the warfare. Please share your estimates for this 12 months.
I’m a lot much less unfavourable than the IMF on the affect of the warfare on the worldwide financial system. Up to now, I don’t assume the warfare has had a significant affect on world progress. Home demand stays very sturdy each within the U.S. and Europe.
My worry is the warfare will present central banks the proper excuse for not shifting aggressively on inflation and carry on lacking their inflation targets. Bear in mind, within the ‘70s central banks noticed oil costs, the Center East battle, labor unions, and public spending as causes for having stored charges too low. As a disciple of Milton Friedman, I worry we’re repeating among the errors of the ‘70s.
Inflation will stay elevated, could proceed to rise for a somewhat lengthy interval and this may power each the Fed and the ECB to behave aggressively to restrain inflation irrespective of the geopolitics.
You don’t imagine the pandemic and the havoc it has had on provide chains, transportation, and imbalances on demand and provide, clarify a lot of inflation?
Economies have reopened for greater than a 12 months. And sure, there are problems with supply of products and providers. However it’s demand that has been rising so quick that’s on the coronary heart of the imbalance that’s driving inflation. I don’t imagine inflation is now a supply-chain downside. You need to cease printing cash, it’s important to suck up liquidity, and you should hike rates of interest.
I believe circumstances are much like what the U.S. skilled after the hardships of the Second World Battle, the place there was rationing and other people weren’t spending cash, after which swiftly they may. Cash the federal government was printing to battle the warfare and partially ending up within the arms of civilians couldn’t be used as a result of all the pieces was rationed. Then as soon as the warfare was over, outstanding demand and inflation had been unleashed. That’s what we’re seeing now.
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If the IMF is simply too pessimistic, the place do you assume world progress will likely be by 12 months’s finish?
Let me be extra exact. I’m most involved about slowing Chinese language progress. The nation’s pursuit of zero-Covid insurance policies is having an especially unfavourable impact on the world’s second largest financial system. Economically, I’m way more involved about that than the consequences of the warfare. And once more, as a result of central banks could must aggressively play meet up with inflation, that would find yourself spiking charges, inflicting recession, and reversing progress.
I’m not a perma-rate hawk. However the Fed did not act because the financial system rebounded very effectively in the course of the summer time and autumn of 2020. From that time onward is when financial coverage ought to’ve step by step tightened. As an alternative, fiscal and financial easing was truly stepped up. That was a significant mistake. And I worry there’s great stress from the Biden administration to not excessively tighten financial coverage.
How would you assess the ECB’s response?
As a result of the European financial system was not doing in addition to the U.S. financial system going into the pandemic and the ECB didn’t ease as a lot — about half of what we noticed within the U.S. — there may be much less extreme financial overshooting within the eurozone. I’m subsequently much less involved about ECB coverage being too free as a result of it is going to require much less motion from the ECB to appropriate.
However the ECB is confronted by a distinct actuality than the Fed. The warfare is going on in its personal yard. It’s on T.V. in Europe 24/7. While you sit in Frankfurt and make financial coverage selections, it’s very onerous to not be influenced by the fixed reporting of the warfare. I imagine the warfare, up to now, shouldn’t be having that a lot of a unfavourable affect on the financial system and inflation. It’s not dampening demand. It’s inflicting some affect on provide. However the central financial institution ought to ignore the availability aspect of the financial system as a result of it could possibly’t do something about it. It may well solely affect demand, so it ought to goal nominal demand to develop at a gentle, sustainable charge with out inflicting extreme inflation.
The place do you assume U.S. and eurozone rates of interest will finish the 12 months?
I believe they’ll transfer in sync in order to not affect commerce between the 2 economies with the Fed Fund goal charge probably ending the 12 months above 2 p.c and ECB in a single day charge reaching 1.5 p.c. The ECB takes its lead from the Fed, nevertheless it doesn’t have the identical sort of hawkish voices that you simply now hear within the Fed.
The place and when do you assume charges will peak?
U.S. charges will presumably prime out above 4 p.c and eurozone above 3 p.c towards the tip of 2023 or early 2024.
How do you count on fairness markets to reply in 2022?
When there’s inflation and volatility, buyers go to property and fairness markets as a result of they’re good hedges towards rising costs. So, proper now, I’m not too unfavourable about U.S. and European fairness markets. I believe the S&P 500 is about 10-15 p.c overvalued — the market is pricey however not massively overvalued. European shares aren’t very costly given the outlook for inflation, which has basically discounted valuations.
Right here’s one other manner to take a look at valuations. Should you have a look at the S&P 500 when it comes to price-earnings ratio, it seems massively overvalued. Should you substitute earnings with cash provide — a proxy for future inflation and future nominal earnings — the U.S. inventory market is about the place it’s imagined to be. And this has been my rivalry for the previous 12 months since inflation has began to rise.
Do you assume the large inventory market rally within the U.S. after the preliminary Covid selloff was an indicator of inflation that was to come back?
Completely. The U.S. market was basically the primary indicator — coupled with cash provide progress — that we’re going to have excessive inflation. And this turned extraordinarily clear going into 2021. So, whereas I’m not overly involved about fairness market conduct this 12 months, preferring shares to bonds in 2022, subsequent 12 months could also be a distinct story. If the Fed aggressively boosts rates of interest, then we’re more likely to see extra bearish markets.
Getting again to Ukraine, the refugee disaster is rising extra acute because the warfare drags on, together with the probability of the pandemic spreading. Are you frightened if this outflow of Ukrainians throughout Europe continues, it is going to have unfavourable results each on regional economies and the desire of neighboring nations to assist?
In regards to the danger of huge spreading of Covid, Omicron is definitely extremely contagious. Nevertheless it’s inflicting much less critical well being points so I don’t assume this will likely be a problem, particularly as contaminated parts of the area are gaining immunity with out vital well being prices to people and well being programs.
Up to now, with unemployment at its lowest level within the eurozone since its creation, economies have been in a position to soak up refugees in an especially clean method. Right here in Denmark, the willingness of residents to open their houses to refugees and the nation’s total reception have been significantly heartening. That is extra outstanding to see throughout Europe as a result of the continent has been struggling for the final twenty years with a robust anti-immigrant sentiment. Now, it’s absent. The query is how lengthy will that good will final?
That’s why it’s crucial that we don’t embark on silly sanctions the place we hurt European economies and sentiment a lot that there’s a sudden resentment for accepting Ukrainian refugees.
With a handful of frontline nations hit with the best prices of managing refugees, is the EU making obligatory monetary transfers to help these governments?
No, and I don’t count on any discretionary funds to be transferred both as a result of the EU doesn’t have the automated mechanisms to reply like that. The EU suffers from not having a typical immigration coverage. We’ve open borders, however we don’t allocate refugees throughout Europe in any formal option to distribute legal responsibility. Which means some nations are inevitably extra burdened by this disaster than others. Moldova, which isn’t an EU nation, is beneath huge stress and it was a really poor nation to start with. The silver lining is that European unemployment may be very low and a pointy enhance within the variety of employees might be absorbed.
We’ve seen a number of systemic occasions which have challenged globalization. First Covid, then the warfare, and on the similar time China unexpectedly locking down. What does this imply for globalization and company commitments for counting on exterior help in manufacturing and commerce?
Institutional buyers over the previous 20 years have been more and more targeted on ESG. Should you have a look at how funding methods are actually being parsed, when it comes to their moral requirements, governance will now get far higher consideration than it as soon as did, particularly pertaining to worldwide investments. “Do I spend money on nations that invade their neighbors, that don’t respect property, contract and human rights, and that don’t help democratic values?”
Russia has been a significant wake-up name. May China be subsequent? May China pursue some aggressive coverage that would result in sanctions? Ought to we get thinking about different nations for manufacturing and help? That mentioned, I’m deeply involved about strikes towards de-globalization.
In a manner, the warfare is a robust argument for globalization. Had the world not been so built-in, then our skill to meaningfully reply to such crises would have been restricted and missing in a capability to punish Russia with out reliance on arms.
By having taken Russia out of the worldwide financial system, commerce networks, and out of the worldwide monetary system, the West has the power to harm Putin an incredible deal with out having to launch a single missile. This level reveals how extremely dangerous it could be to decouple from world commerce as a result of it could quit leverage in coping with a disaster.
Let me drill down a bit deeper. Do you assume companies will scale back outsourcing elements and as an alternative have extra made nearer to dwelling with minimal geopolitical and provide chain dangers?
I’ve had such conferences with enterprise leaders over the previous couple of months the place I’ve been making the argument that deciding the place to outsource manufacturing must be guided by nations’ respect for contracts, financial freedom and reforms and human rights of each their residents and their neighbors. In the event that they don’t have that, ultimately one thing will occur the place an organization could also be pressured to bear an incredible price. I believe many worldwide corporations have overpassed that.
However in the present day’s occasions are opening eyes. I believe governance points have develop into an much more fast concern than local weather change. Making this a precedence may put stress on nations to behave higher, particularly after seeing what has occurred to Russia.
As for nations which have remained impartial or sided with Russia, they’re clearly operating the chance that they could get pleasure from much less international commerce and progress. This can be a wake-up name to behave higher. And their residents will even discover the hyperlink between whom their leaders have sided with and the way it’s impacting their earnings prospects. I imagine this can be occurring in Thailand, Malaysia and even India, Pakistan, and South Africa.
So, it’s not clear whether or not present occasions will truly be a web unfavourable for globalization. It may very well be. However I see an argument for why it may promote extra sound globalization going ahead.
And let me supply an much more constructive state of affairs: Putin’s horrendous mistake may result in regime change in Russia over the following six months and presumably new management which will behave much less aggressively in direction of its neighbors. We additionally may see a comparatively swift integration of the Ukrainian financial system into Europe — a lot sooner than had there been no warfare. Additional, it could make the communist social gathering in China rethink the route President Xi has been pushing the nation in a extra totalitarian route.
Let’s deal with the eventual rebuilding of Ukraine. If the warfare stopped in the present day, some estimate prices of $500 billion or extra to rebuild the nation. Whatever the precise quantity, how is that this going to be completed?
Sure, that is going to be as huge an endeavor as profitable the warfare. My first concern could be that the West simply pours cash into Ukraine with out clear planning and oversight to make sure proceeds are used effectively. The nation requires vastly improved, well-functioning democratic establishments to assist ship enhancements. I’m optimistic the Ukrainian authorities will transfer on this route after the warfare and to be taught from Poland, the Czech Republic, and different former Communists nations in Central and Jap Europe, which undertook huge reforms within the Nineteen Nineties after having gained their independence.
One key on this course of is for the nation’s companies to develop into extra built-in with the West. If that occurs, don’t be stunned if rebuilding strikes at an exceedingly fast tempo.
Sure, the nation’s East and Southeast is in very poor situation and it is going to be plagued by numerous numbers of unexploded ordinances and landmines, which can take a long time to scrub up. Right here in Denmark, we suffered from this similar downside for many years because the finish of World Battle II. I’m not overly involved concerning the precise price of changing the infrastructure. That’s by no means an issue as soon as a society rebuilds financial and political establishments, and enterprise life restarts. Cash then will stream.
Who would be the key gamers rebuilding Ukraine?
The important thing companions will likely be Poland, the Baltic States, Romania, together with the Nordic nations and doubtlessly the U.Ok. The main worldwide establishments would be the IMF, the World Financial institution, and the European Financial institution of Reconstruction and Growth. All of them convey a substantial amount of expertise from rebuilding the previous Soviet bloc nations after 1989, which was an incredible achievement that spans the breadth of Europe.
Do you assume European Union and NATO membership for Ukraine will observe?
No. I don’t assume there will likely be any sort of navy alliance that may quickly envelop Ukraine. EU membership…possibly in 15-20 years. Paradoxically, when Ukraine is once more free and impartial and NATO membership is not wanted, NATO membership will observe.
Thanks Lars.
Eric Uhlfelder is an award-winning journalist who has coated capital markets for 3 a long time. He wrote one of many first books about Europe after the adoption of the euro (Investing in The New Europe, Bloomberg Press). He is additionally the writer of the annual International Hedge Fund Survey, which incorporates statistical evaluation of every of the highest 50 funds together with supervisor profiles and interviews. Contact Eric at Uhlfelder@hotmail.com
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