FX & CFD trading involves significant risk
--External & fiscal imbalances are starting to be unwound
--Efforts to regain competitivity are bearing early fruit
--Deleveraging is generally proceeding in an orderly way
--Despite the progress, 'much still needs to be done'
--Credit flows to real economy suffering in parts of emu
--Need other strong european institutions besides ecb
--Joining EMU should imply greater sharing of sovereignty
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