On the whole, signs of recovery have been less convincing in Europe than elsewhere. A relatively cautious policy stance and the delayed effects of the credit crunch suggest that the euro-zone, in particular, will be the last of the major economies to emerge from recession. Trade-reliant countries like Germany look set to benefit relatively quickly from a modest improvement in global demand, so there is hope that European activity will start to expand next year. But with government debt surging throughout the region, necessary fiscal consolidation will mean that any recovery is lacklustre.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services