Emerging markets guru Mark Mobius says he’s not too worried about Europe’s financial woes triggering a global recession.

“We just don’t see any cause for alarm in the sense of things completely drying up and there being a situation where nobody buys anything,” Templeton Asset Management’s Mobius told Bloomberg. “We don’t see a let-up in demand. Governments around the world continue to pump money into the system and interest rates are low.”

Mobius said he sees the global economy “puttering along” despite Europe’s troubles. “We have not been very, very concerned about the situation in Europe,” he said. “The markets of course will go haywire. Volatility is with us and will increase as we go forward, both up and down.”

Mobius says emerging market valuations are near all-time lows. He’s particularly high on Brazil, Russia, and Turkey, according to Bloomberg. And he’s also high on commodities such as copper, palladium, nickel and platinum, citing strong demand from emerging market nations.