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To: SecularBull who wrote (8151)	5/18/2001 10:43:23 AM
From: John Madarasz	Respond to of 10934

IT Spending Europe May Catch Up There is more hope elsewhere. Europe, to point out the obvious, might be a stronger relative link than in the '90s simply because it's been less bubblish. It's had its telecom and MP3 fiascos and its banks are in deeper hock to emerging nations than are ours, but its private market balance sheets are still in better shape and structural reforms are on the way – lower taxes, Sunday shopping in Germany – who knows what’s next? According to Morgan Stanley’s Roach, Europe should become the world’s largest IT buyer over the next 3-4 years, coming close to match our own IT capital stock as a percentage of GDP. Look for Europe’s economic growth rate to match or exceed that of the U.S. for the next few years. pimco.com