Wednesday, February 16, 2005

One size doesn't fit all

Times Business reports:

"The German and Italian economies shrank abruptly in the final quarter of last year, confronting the European Central Bank with a dilemma over a two-speed eurozone.
Bleak official figures revealed that Germany slid back to the brink of technical recession in the quarter as its economy shrank by 0.2 per cent, after stagnating in the previous three months.

Italy, too, succumbed to a surprise fourth-quarter drop in its output, which tumbled by 0.3 per cent, all but reversing a third-quarter gain of 0.4 per cent.


Domenico Siniscalco, Italy's Economy Minister, said that this was 'a nasty surprise'.

But the surprise setback for Germany and Italy coincided with a marked acceleration in growth in France and Spain, facing the ECB with a growing quandary over diverging eurozone performance. "

Quelle catastrophe.

If I were German I'd demand my money back.


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