If the eurozone were a genuine single economy, like the US, then the buoyant second quarter GDP figures, published today, would be a cause for unbridled celebrations. The increase of 1.0 per cent in GDP in Q2 was nearly double the growth rate in the US and, if maintained, it would be more than enough to bring down the unemployment rate in Europe. Yet much of the market reaction has focused not on the fact that the eurozone as a whole enjoyed a fantastic quarter, but on the widening gaps which are developing between the healthy German economy and the ailing economies on the periphery of the bloc, and which leave the troubles of the euro far from resolved. Read more
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