Global Chief Investment Officer
Allianz Global Investors
Allianz Global Investors oversees $250 billion as of Sept. 30.
Buy Euro-Zone Debt (Cautiously)
"Since summer, we have seen important steps toward a lasting solution of the debt crisis. Progress has been made with respect??to the introduction of a banking union, and the European Central??Bank's introduction of outright monetary transactions is akin to becoming a lender of last resort for governments. A lot of political uncertainties remain. The precise design of the banking union remains unclear. The ECB still has to show in practice how it will use its OMT program. Still, tail risks have clearly diminished. We are gradually warming up to non-German euro-zone sovereign bonds."