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".
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