Euro: Survival is Not Enough

CHICAGO, June 30 /PRNewswire/ -- "European hopes of remaining immune to the
global financial collapse shattered early in 2009. Much like American banks,
financial institutions in the Old World have been struggling to survive, often
turning to their national governments for bailout and rescue operations.
European economies followed the U.S. on the path into recession. Amid their
rapid turns of fortune, many came to question the whole institutional
architecture of the European Union (EU), starting with the symbol of Europe's
economic and political ambitions itself: the euro," says Adolfo Laurenti,
senior economist at Mesirow Financial, in his June issue of Themes on the
Global Markets, available at
http://www.mesirowfinancial.com/economics/laurenti/themes/globalmkts_0609.pdf

In his June newsletter, Laurenti assesses the implications of the financial
crisis in Europe, focusing on four critical issues: the survival of the euro,
the challenge to the independence of the European Central Bank (ECB), the
disappointing recovery he anticipates on the continent, and the expected
failure of any new global framework for financial regulation.

"...lack of a political common will, jealousies about national sovereignty,
sclerotic economies where interests are too entrenched to reform - we doubt
that the Eurozone will present any upside potential once the recovery is
underway," explains Laurenti. "Rather, we anticipate a painful descent to a
bottom in activity sometime in the first half of 2010, maybe later than
mid-year, followed by a slow and disappointing recovery along a lackluster
trajectory."

"The world economy is not a zero-sum game, and American investors should not
cheer the headwinds that will hold Europe back for the next 18-24 months," he
cautions. "A strong recovery in Europe would be to our benefit as much as to
theirs, in that stronger demand from Europe would be a boon for U.S. exports
and our manufacturing sector. Fortunately, we will emerge from the recession.
Unfortunately, we will have to do the heavy-lifting on our own without much
help from across the Atlantic," concludes Laurenti.

The June issue of Themes on the Global Markets, as well as archived issues,
can be found at mesirowfinancial.com.

Mesirow Financial is a diversified financial services firm headquartered in
Chicago. Founded in 1937, it is an independent, employee-owned firm with $32.2
billion in assets under management and more than 1,100 employees in locations
across the country and in London. With expertise in Investment Management,
Investment Services, Insurance Services, Investment Banking, Consulting and
Real Estate, Mesirow Financial strives to meet the financial needs of
institutions, public sector entities, corporations and individuals and was
named one of Chicago's Best Places to Work by Crain's Chicago Business in
2008. For the fiscal year ended March 31, 2008, the firm posted $492 million
in revenue, with more than $246 million in capital. For more information about
Mesirow Financial, visit its Web site at mesirowfinancial.com.

SOURCE Mesirow Financial

Adolfo Laurenti, +1-312-595-7129, for Mesirow Financial