Stephen Roach, chairman of Morgan Stanley Asia Ltd. says the global economy remains “vulnerable” despite all the “euphoria.” He outlines his four reasons why the recovery remains vulnerable and why he isn’t jumping on the bull bandwagon. Those reasons are:

1) The financial crisis itself is far from over.
2) The breadth of this global recession was staggering.
3) The demand side of the global economy is likely to be restrained by a protracted pullback of the over-extended American consumer.
4) The supply side of the global economy suffers from massive imbalances, especially China-centric developing Asia.

Full interview follows: