Maybe it's too much sun in the Singaporean clime. Legendary emerging markets investor Mark Mobius is bullish—yes, bullish—on Europe.
Mobius, executive chairman of Templeton Emerging Markets Group, told CNBC Asia that European countries are "engaged in a prolonged and necessary game of chicken."
"This will go on, back and forth for a long time," he said. "They have to agree on fiscal responsibility and adhere to certain principles they have not had to do before. It's a big change, but I think they will make these reforms and Europe will emerge much stronger than ever before."
Mobius, who oversees $50 billion in assets, is predicting Europe will have the framework for a fiscal union in place within one to two years.
He adds that investors who stay in safe havens for too long will miss an ensuing rebound in global markets.
"During the subprime crisis everyone was in a panic, everybody got out of all markets and rushed into U.S. Treasurys," he told the network. "They learnt a bitter lesson because within 12 months, (many) markets were up 60%, 70%, 80%, 90% to 100%.
