[European Central Bank chief] Trichet's nonchalance certainly shocked investors, but something to realize is that much of the European economy, particularly Germany, has a very strong manufacturing-recovery and export economy occurring right now. So, what I'd point out is that the key businesses to the S&P, in core Northern Europe, that are manufacturing and technology-oriented, they're doing well.
Now, if the contagion spreads, that could not be the case but a weaker Euro should actually stimulate those parts of the European economy. So, I can certainly see why certain Europeans are taking the attitude of, "This is not our problem." But that's dangerous.
~David Bianco, Head of US Equity Strategy, BofA Merrill Lynch Global Research, "Market Update: Is Volatility Back?", May 7, 2010