Conflicting economic priorities in Europe likely will spell the end for the region's common currency, widely followed investor Dennis Gartman said.
The author of The Gartman Letter attributes much of the global market tumult this week to weakness in the European Union, and specifically remarks Thursday from European Central Bank President Mario Draghi.
Speaking in Washington, Draghi, who famously promised two years ago to do "whatever it takes" to keep the EU together, emphasized that central banks can't by themselves save the world and need cooperation from fiscal policy. It's hardly the first time that message has been sent—former Federal Reserve Chairman Ben Bernanke often pleaded with Washington for fiscal policy coordination—but Gartman, writing in his daily missive, said global markets needed to hear more:
As the world awaited a hoped-for clear and precise statement that the ECB was prepared to actually take action on monetary policy and become expansionary, it instead heard a lecture explaining that he and the others on the ECB's monetary policy committee had done all that they could do to try to strengthen the economy there and that the real battle had to be waged by the political authorities to reform the sclerotic nature of the economies there.