20111028 europeancentralbank
The European currency Euro logo stands in front of the European Central Bank (ECB) in Frankfurt/M., western Germany on August 4, 2011. - 

Since the spring, investors have gradually been shifting away from emerging markets. The Financial Times is reporting now that American investors have put more money into European stocks than at any time since 1977. 

Marketplace's Stephen Beard joined host David Branaccio to discuss. He said this is another sign that the U.S. is becoming more confident about the Euro zone. But few believe the crisis is completely over. 

"Greece needs a third bailout. That won't go down well with German taxpayers. This crisis could easily flare up again in the fall," he said.  

Marketplace's European editor Stephen Beard joined host David Brancaccio. 

Click the audio player above to hear more. And click here to listen to David's conversation with Julia Coronado, chief economist with BNP Paribas, about the shift away from emerging markets.