Federalism the Solution and Sticking Point in Europe: CIO

5:00 AM ET Tue, 19 June 2012

"Europe is a mess and umpteen different meetings by various finance ministers and heads of state have not come up with a solution because the solution involves some sort of federalism and that's the sticking point so not much has changed," Richard Cookson, global chief investment officer at Citi Private Bank, told CNBC.