Macroeconomics

First of all we would like to wish all our readers and friends a very Happy New Year and a lucky hand to manage the challenges of the year ahead!

We had a long break since our last issue and whoever thought that we could start the New Year with a clearer situation on the financial markets, or more stability, was unfortunately wrong. Yes, it has been a bit quieter in the last few weeks, but this is rather owed to the season than to stabilisation in the (EU) markets. 2012 will be a year of elections in many countries in the world and this has also proved to be a difficult time in the past.

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