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Giorgio Cortiana, head of Global Corporate Research for the Wealth Management arm of the biggest Swiss bank UBS, came to Luxembourg to share his views on the economic outlook for 2012. According to Cortiana, the sovereign debt situation is still going to have a strong impact on the economy in 2012, despite the monetary injection into the European banks by the European Central Bank. Today, the refinancing amount for European countries is close to EUR 300 billion and looking for ways to fund their debt is going to be a real challenge for them. However, despite this critical situation, the valuation in equity market will remain low, which is an attractive proposition for investors. Another positive is the revival of the US economy after a default scare back in July 2011. Consumption is...
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