"A breakdown of the euro-zone GDP figures was not immediately available but details from the national statistic agencies suggested a worrying dependency on exports. In France, net trade accounted for all and more of the third-quarter growth; consumer spending was flat and investment fell again. At last in Germany, the revival in exports spurred firms to spend a bit more on investment. Spain also reported a positive contribution from trade though that was outweighed by further decline in domestic spending.
Continued strength in the euro suggests that if exports are to continue to bear the brunt of the burden of new growth then the European economy could be in trouble. For the most part, increases in unemployment in the euro zone have been modest relative to those in America, and leaders must be hopeful that that will translate into a rapid recovery for domestic demand.
But that isn't a sure thing. And given the potential for protracted recovery, and the threat posed by additional appreciation of the euro, it certainly seems as though the European Central Bank could stand to be a little less anxious to withdraw its support from the economy."
Sem comentários:
Enviar um comentário