El-Erian: Will Actions Follow Words in Europe?
August 23, 2012 at 12:57 PM EDT
Thank you Germany, Italy, Spain and, especially, the European Central Bank. They all said enough to provide markets and investors with a tranquil August so far. The question now is whether they will be able and willing to pivot - from re-assuring words to the series of actions required to enable this tranquility to grow deep roots.