He contends that revenue visibility is improve, with U.S. and China capital spending growing, and Europe likely bottoming in the first half of 2012, and cost cutting driving margin and cash flow improvements, the time is now to get more bullish.
If there are fewer than 21 ratifications by the end of October 2006--and with two no votes and the U.K. and Denmark also likely to vote no, that is cutting the margin of error razor thin--the whole matter reverts to the European Council to work out, so the Council may decide to cut its losses now.
This is especially true the cleaner a country gets: eliminating the last 5% of a given pollutant usually costs more at the margin than cutting the first 50%.