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| Europe |
| Europe’s economic engine stalls |
| 2004-01-16 |
| Germany’s economy - for so long the engine of EU economic growth - slipped into reverse for the first time since 1993, official figures published yesterday have shown. Economic growth in Germany declined by 0.1 percent in 2003 after two years of flirting with recession. Germany remains close to the bottom of the EU economic league table, with only Portugal and the Netherlands registering slower growth. The negative growth in the EU’s largest economy was caused by two main factors: weak domestic consumption and shrinking exports outside the euro zone. German consumers, worried about high unemployment and economic uncertainty, were reluctant to spend last year, slowing the economy. Meanwhile, the rise in the euro has hit export-led Germany especially hard. Exports to the US were down by 9.7 percent in the first ten months of last year. But the German government is hoping for better times ahead. Economics minister Wolfgang Clement projects growth of 1.5 - 2 percent for this year, as the upturn in the world economy pulls Germany out of recession. Europe’s economy as a whole will be discussed by Germany, France and the UK during a meeting on 18 February. Employment and innovation will be the main items on the agenda. |
| Posted by:rkb |
| #6 Europe's Economic Engine Stall's. Not to worry, the US cowboy mechanic has a spray can of what made the engine rev, yep juche in aerosol form... fire that puppy right down the intake and soon Europe's four cylinder will be reviving like the big guys. Hi Luke! |
| Posted by: Shipman 2004-1-16 7:49:37 PM |
| #5 In the 1860's, Bismarck was able to unify Germany through postal union, currency union, and customs union. Sounds a lot like what the EU is trying to do, doesn't it? However, the similarity ends there. Bismarck fought three successful wars against external threats (Denmark, Austria, and France) to cement his German unification and give it direction. Methinks that Chirac and Schroeder thought that be opposing the US in Iraq, they could galvanize and polarize the European masses in the same manner as Bismarck did the German masses. They failed because as Jimmy Carter found out (well, he really didn't learn anything, but the rest of us did) there is no moral equivalent of war (I really wish there was, there just ain't). The best end game strategy to complete the EU's dream of European unification would be for for Chirac and Schroeder to focus the European population on the war on Islamist terror. In other words mobilize their human and material resources in support of the UK and US. If they help us win this war united as Europeans, they will leave this war united as Europeans. Then the "European Idea" might actually succeed. I don't expect hacks like Chirac and Schroeder to have the intelligence and vision of a Bismarck. But I'm not hearing any European voices echo this simple strategic truth. Where are they? |
| Posted by: 11A5S 2004-1-16 12:03:26 PM |
| #4 Guess it goes to show that turning a blind eye to the wrecked economy and high unemployment and voting for herr Schroeder because of his anti-American stance regarding Iraq probably wasn't the wisest move. |
| Posted by: ruprecht 2004-1-16 11:02:22 AM |
| #3 I dunno. I had been thinking of a vacation to Holland, but with the weak dollar I don't see it happening. I'm sure I'm not the only one. |
| Posted by: Scooter McGruder 2004-1-16 10:59:16 AM |
| #2 Guess it hit them hard, losing all those contracts from Sadaam and all. |
| Posted by: B 2004-1-16 10:17:47 AM |
| #1 Calling Al Jizz economists. Tell us again who gets hurt by a weakening dollar? |
| Posted by: Gasse Katze 2004-1-16 10:15:46 AM |