I would say that wouldn't I. But would you expect such bald advice from that most staid of institutions, Morgan Stanley?
Sell the euro and expect wider country spreads within the euro area.
Though the writer of this peice shows political illiteracy,
"Ironically, the Constitution would have improved the accountability of Union leaders by giving more power to national parliaments and to the European Parliament".
Eric Chaney is not paid for his political insights but as a former Economics Professor at the ENA I trust him on economics. He advises the Govenor of the Bank of France. Ouch.