It's going to be very difficult for the ECB to raise rates if growth is looking sluggish. Even so people are looking for the ECB to act and that makes the bond market not very attractive.

I'm optimistic for euro-zone growth this year. We should see higher yields, with a target between 3.60 and 3.70.

Germany is showing very good exports, it could pull us up for better growth.

The market expects 10 per cent earnings growth for this year in Europe and I don't think it's excessive. The risk is low. We are now at fair value.

Our people ask for nothing more than the recognition of citizenship, nothing more than the right to live on the land where their ancestors were born. Nothing more than their identity cards.

It's good news for equity markets. One can be more positive on the outlook for rates. People were wondering whether shares looked expensive. After these comments, one could stay relieved.