Just as Friday's growth figures suggested Britain is tipping into recession, across the Channel it suddenly looks as if the eurozone might beat us to it. The data flow last week from the 15-member bloc was simply awful... The eurozone economy is deteriorating much faster than anyone had thought. Last Thursday brought a torrent of bad news, starting with the purchasing managers' survey of the eurozone economy. This takes a monthly snapshot of the mood and activity levels among companies. The results of similar surveys in Britain had already turned down sharply but the eurozone is now catching up... All these readings suggest the eurozone economy may have stalled in the second quarter, while inflation remains high - very similar to Britain, even though you might expect the UK to be in worse shape. But the bottom line for Britain is that you would not want to bet on exports to the eurozone coming to the rescue any time soon. In fact,, it is difficult to see anything coming to the rescue of the British economy.
The data flow last week from the 15-member bloc was simply awful...
The eurozone economy is deteriorating much faster than anyone had thought. Last Thursday brought a torrent of bad news, starting with the purchasing managers' survey of the eurozone economy. This takes a monthly snapshot of the mood and activity levels among companies. The results of similar surveys in Britain had already turned down sharply but the eurozone is now catching up...
All these readings suggest the eurozone economy may have stalled in the second quarter, while inflation remains high - very similar to Britain, even though you might expect the UK to be in worse shape.
But the bottom line for Britain is that you would not want to bet on exports to the eurozone coming to the rescue any time soon. In fact,, it is difficult to see anything coming to the rescue of the British economy.
(And he's renowned for neutral, objective reporting on Europe!)
Like it or not, Europe.IS.Doomed!
<breathless>
you are the media you consume.
