Speaking today at the EPC he was very downbeat.
"When we presented the forecasts on Jan. 19, I said the risks are broadly balanced, Now I can say downside risks are bigger"
Admirably honest of him, but in stark contrast with the official response only two days ago from the European Council meeting.
1 comment:
It's the economic cycle. America turned down first (omitting Japan); UK second; Eurozone (approx, because it is not one economy) third.
America has not caused our recession (pace McBust) and the Anglo economies have not caused the Eurozone recession. Judging by the state of the PIIGS and perhaps Austria, the Eurozone will be hardest hit. Hang on to your hats.
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