The product has expanded the investment universe open to private investors. We can now all speculate in whether the price of copper or of Australian dollars is on its way up. One positive characteristic of indexed bonds is that any loss is often limited to a relatively small proportion of the invested amount. However, this is not sufficient to make the investment sound.
It was clear to those who are familiar with European processes that there is no automatic spin-off from one integration move to the next. Political ambition and political leadership are needed but are sadly lacking – with the result that national interests have moved back to the fore.