Tuesday, March 03, 2009

Almunia looks glum

According to Chinese press reports (it has to be said that the large team at the Xihau bureau in Bruussels often pick up stuff missed elsewhere) the Economic and Monetary Affairs Commissioner Joaquin Almunia is pretty miserable.

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:

Budgie said...

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.