- European Quarterly:Summer 2013: Vol. 23, No. 3

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Summer 2013: The times they are a-changin

by Richard Plummer, Jose Pellicer and Ben Lonsdale

It increasingly appears that tail risks have diminished in Europe, and we believe the foundations are being laid for a return to growth, albeit modest. What opportunities does this present for European commercial real estate?

European economy

While 2012 was a challenging year for Europe, in recent months a number of encouraging news stories suggest the light at the end of the tunnel may be getting closer:

• Uncertainty regarding the future of the euro zone has diminished substantially. Peripheral European bond yields (the proxy indicator for fear of a euro collapse) remained stable despite a flare-up of the European sovereign debt crisis — the Cypriot bailout and the inconclusive Italian election result. European authorities can take credit for the reduction in tail risks, thanks to institutional progress on creating the foundations of a banking union and, in particular, the Outright Monetary Transactions program (unlimited b

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