Wall Street Journal
August 15, 2012
Man cannot live on bread alone—and nor can the euro zone rely on German growth alone.
The euro-zone economy contracted 0.2% in the second quarter, and was only saved from worse by resilient growth of 0.3% in Germany. But countries accounting for 60% of euro-area GDP are stagnant or contracting. The outlook remains bleak.
The euro-zone economy contracted 0.2% in the second quarter, and was only saved from worse by resilient growth of 0.3% in Germany. But countries accounting for 60% of euro-area GDP are stagnant or contracting. The outlook remains bleak.
The woes of southern Europe are still deepening: Greece is in its third year of recession, while Portugal's economy has contracted for seven straight quarters, Italy's for four and Spain's for three. Given fiscal tightening and the need to overhaul economies to boost competitiveness via policies that are likely to depress growth in the short term, there is little hope of any quick recovery.
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