Friday, April 22, 2005

Alice's economics of Wonderland.

In a glorious piece of counter-intuitive thought the Spanish socialist who is the European Commissioner for Economic and Monetary Affairs, Mr Joaquín Almunia came up with this rather fine definition of projected growth, “Our predictions show a less significant increase than last year, but with an upward trend". I will admit to not being a professional economist but to me hazy eyes that is pretty good doublethink. This comment was made during a press conference, after he had said this,

"The Commission’s forecasts, published earlier this month, point to a return of euro-area GDP growth to potential in the course of this year."

whilst speaking to the European Institute in Washington earlier this week. I guess they were no the wiser either

It reminds me of the time just after the launch of the Euro when a senior official, questioned about the Euro's plunge in the market remarked., "This just shows greater potential for growth".


festinog said...

To paraphrase "we predict growth, but not as much as last year".
And how is this double-speak? Please promise me you'll vote no to the EU and eventually pull out. You won't be missed. But leave Wales behind. We like them.

Elaib said...

Thanks for the clarity Festinog.
It is something like I imagined. Sadly one mught be able to pre-record this sort of comment.The growth predictions are almost always far in excess of any reality. Current eurozone growth predictions are I understand 2.5% over the next twelve month. Which will be downgraded with similar phrases.
Oh, what give you the idea that I don't like 'them'? I like them very much thank you, most of my friends are members of the 'them' community, I live amongst 'them' and enjoy "them" very much. I just don't like being governed by "them" very much.