Back in late November the roof seemed to be falling in on the Euro project

ON EUROPE

What a difference a few months make. Back in late November the roof seemed to be falling in on the European project.

Referendums on rescue packages were being called and cancelled, European prime ministers were resigning on a weekly basis and sovereign bond yields were exploding for the heavily indebted, growth-starved southern European states. Three months on, the long winter feels like it has given way to spring. February was a stellar month for European stocks – Europe was the best-performing developed market – as tail risks dissipated and global economic indicators maintained their strength. Italy, the real barometer for European risk for all the talk of Greece given the size of the Italian bond ma...