Tuesday, January 15, 2008

Yup, you are reading that correctly.

McKinsey warns of threats to US financial leadership - Yahoo! News: "The US looks poised to lose its mantle as the world's dominant financial market because of a rapid rise in the depth and maturity of markets in Europe, a study suggests.

The change may have occurred already, not least because US markets are beset by credit woes, according to research by McKinsey Global Institute, a think-tank affiliated to the consultancy.

'We think the differential growth rates are so significant that it is quite likely Europe has overtaken the US,' said Diana Farrell, author of the report.

'They are now neck and neck, which means exchange rates are very important. It is a real change.'"

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