The core eurozone economies, especially Germany and France, are in the doldrums while countries in Southern Europe, such as Spain and Greece, have performed better. The German economy is stuck in neutral, bogged down by high energy costs, a creaky industrial infrastructure, stagnant productivity, and rising export competition from China. France faces severe fiscal problems that portend further economic and political instability. Lackluster growth and falling CPI inflation have forced the European Central Bank's hand in cutting rates, although services inflation and wage growth have stayed persistently high.
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