Wall Street Journal
December 14, 2011
The European Commission continued to stress Wednesday that the euro zone needs to focus more on narrowing large current account deficits than cutting member state surpluses.
The comments by European Commissioner for Monetary Affairs Olli Rehn to the European Parliament underline policymakers’ ninja-like focus on austerity and budget cuts, in spite of growing concerns about sluggish economic growth, as the EU executive is given new powers to monitor the 27 member states’ budgets.
Deustche Bank, among others, has cut its euro-zone gross domestic product forecasts. Deustche analysts now expect a recession in 2012, with a 0.5% fall in gross domestic product. Barclays says the recession could start even sooner.
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