THE other day, I received an invitation to participate in a large conference from a very well-known Danish organization, and I was naturally happy to receive it. The invite began with the statement that 'the global crisis has now hit Denmark,' which I think is very telling about how the global economy is perceived in Europe right now, but I see the world somewhat differently.

Stock markets around the world are still up by 7 to 10 percent for this year, which by no means is bad, and the increase has so far been maintained. It reveals a certain strength in the financial markets but in many of the conversations I have with investors and business leaders from Europe, it is characteristic that people still do not dare to believe that the good will last; they believe on the contrary, actually.