Tuesday, May 12, 2009

Trichet Sees a Bottom

Ok, so the headline could be taken as an indication that the venerable European Central Bank President has been spending a little too much time in naughty areas of Amsterdam, but no, he sees a potential bottom to the current malaise of the European economy, nothing more sinister than that.

This is, indeed, good news. Although you would have to say, the bottom in question may be a bit more distant for Ireland than other parts of Europe, we do seem to be in a particularly bad pickle. 

Having said that, it is good to know that Europe may be able to see light at the end of the tunnel, because the chances of Ireland Inc. recovering without others around it first improving their situations are very slim. 

According to Trichet: "As far as growth is concerned, we're around the inflection point in the cycle, that's the sentiment." He claims that a number of recent reports are encouraging but he issues the caveat that there's no time for complacency.

Of course, the fact that the European Central Bank President sees the potential for an upswing in an economy in which he has such a vested interest doesn't in itself mean much, it could be argued that he is merely talking up the European economy. It could also be said that he is ignoring a lot of negative sentiment still remaining in the market.

It is, however, an indication that at least there are some positive reports and sentiment on which to pin our hopes, which was not the case some six months ago, so perhaps a corner of sorts is being turned. Or maybe a bottom of sorts is being reached. Again, no pun intended. 


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