Morningstar Advisor - February/March 2012 - (Page 50)

Morningstar Conversation Europe on the Brink By Ben Johnson Two experts question the eurozone’s response to the debt crisis and wonder whether it’s possible to repair the damage. The characterization of the unfolding saga in the eurozone in the financial press has gradually evolved from a liquidity crisis to a solvency crisis to what is now increasingly being viewed as a political crisis. Just over a decade after its formation, the European Monetary Union is facing questions about whether its very existence makes economic, fiscal, and political sense. At this time, the ultimate fate of the euro is unclear. If anything is clear, it is that Europe faces months and years of difficult challenges as the 17 countries of the eurozone decide whether they have the wherewithal (and desire) to keep the euro intact. Furthermore, the eurozone does not exist in a vacuum, and the progression of events in Europe will inevitably affect markets worldwide. To learn more about the roots of the crisis, what the situation is today, and the remedies, we invited two prominent experts who have been studying the euro union since its inception in 1999 to participate in this issue’s Morningstar Conversation. George Magnus is a senior economic advisor at UBS. Magnus was one of a handful of economists who warned of a pending global financial crisis as early as 2007. Edward Chancellor is a member of the Asset Allocation Team at GMO. Chancellor has written extensively on the topic of the current crisis, specifically examining the ways in which the eurozone’s predicament differs from historical sovereign defaults. They both called in from London. Our conversation took place on Dec. 19 and has been edited for clarity and length. 50 Morningstar Advisor February/March 2012

Table of Contents for the Digital Edition of Morningstar Advisor - February/March 2012

Morningstar Advisor - February/March 2012
Contents
Contributors
Letter From the Editor
Make a Difference Stories, Not Debates
How Concerned Are You About Europe?
Analytical and Independent
What to Ask When a Fund Manager Leaves
Past, Present, Future
Have Financials Gotten Cheap Enough?
Four Picks for the Present
Investment Briefs
Tactical Funds Miss Their Chance
Specialty Retail: Ad Hoc Opportunity
How Europe Is Making Its Crisis Worse
Impact on U.S. Economy Will Be Minimal
European Banks: Bargains or Value Traps?
Don’t Count the Euro Out Yet
Europe on the Brink
GoodHaven Realizes Its Vision
How Index Trading Increases Market Vulnerability
Nonlisted REITS: Handle With Care
Safety Picks for the Many Moods of Mr. Market
On the Prowl for Large- Blend Index-Beaters
Our Favorite Mutual Funds
50 Most Popular ETFs
Undervalued Stocks With Wide Moats
The Math That Matters

Morningstar Advisor - February/March 2012

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