Germany at Discount to MSCI Europe Based on Most Valuation Metrics

Recovery in Europe is fragile, and total economic growth could be weak for years. Even Japan, a longtime basket case, is growing faster. The potential stumbling blocks for Europe are many, as witnessed most recently by banking troubles in Cyprus, political paralysis in Italy, and the threatened collapse of Portugal’s government. But policy makers have shown an ability to control such flare-ups, and the risks of a Eurozone debt implosion have been greatly reduced. Germany, has been among the stronger economies over the past few years. And many expect the country to take a more active role in sustaining the…