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From the document,
International comparisons of economic growth also rely on exchange rates.
In the last 5 years, Europe was not the growth-centre of the world and the
strength of the euro probably depressed some European exports. But the
EU market nevertheless added nearly €1.5 trillion to its value between 2001
and 2006. Because the euro increased in value, this expansion amounts to
US$6 trillion. In comparison, the USA added US$3 trillion, China and India
together added US$2 trillion and Japan added less than US$0.3 trillion over
the same period.
Both Asia and the US grew faster than the EU.  I think the article is correct that one factor was the strenghtening of the Euro over this period, making EU products more expensive on the global markets.  And I also think Europe is doing just fine.  My biggest concern for Europe is the same concern I have for the US--the demographic impact of an aging population, and the resulting impact on consumer spending, a major component of demand.  

I think this is a useful document. But let's remember that it is intended as a marketing piece to promote direct investment in Europe.  It's going to present that case in the best light.  I would sure do that if I was writing it, and if you pull out a similar document from the US Department of Commerce, they will of course do the same thing.  There is nothing wrong with presenting data in a positive light.  But your comment Jerome goes beyond what the people presenting the data in the most positive light would say.

by wchurchill on Thu Mar 29th, 2007 at 05:14:08 PM EST
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