Europe

Toward a United States of Europe

French Finance Minister Christine Lagarde tells the Journal it will take much stronger fiscal and economic coordination among EU member states for the euro to work.

This Rebel Came Armed With a Balance Sheet

 By JOHN STEELE GORDON

When most people think about the American Revolution, they think about the remarkable ideals that lay behind it and that guide the country still, or they think of the war itself, with Gen. Washington's men freezing and half-starved at Valley Forge.
What doesn't come to mind very often is how the Revolution was paid for. "Wars are fought with silver bullets," according to a Chinese saying, meaning that the side with the most money usually wins. But in the case of the Revolution, Great Britain—the richest country in Europe and the possessor of the most advanced financial system—lost despite its silver bullets. And it lost to a ragtag bunch of former colonies that didn't have a regular money supply, let alone a financial system. Nor did the rebels have the capacity to manufacture arms or gunpowder in any quantity.

Investment Banking wallet outlook - all eyes on equity derivatives

Equity Derivatives – the key determinator for IB wallet growth.

We analyse in detail the key sub-business segments within equity derivatives and their potential IB revenues impact. We conclude equity derivative business is to grow 9% CAGR 2010-2012E – the fastest growth within all IB client flow related businesses assuming 5% CAGR equity market performance in 10-12E.

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