EU inflation down, economic sentiment down, business confidence down - is it not time to bring down the EU?
July 2011: Business Climate Indicator continues to decline in the euro area The Business Climate Indicator (BCI) for the euro area fell for the fifth month in a row in July 2011. The current level of the indicator remains comparatively high, but the steady fall observed since March indicates that euro-area industry has entered a phase of growth moderation. The drop in the BCI in July reflects primarily weakening production expectations and worsening assessments of production trends observed in recent months. These developments went along with managers being more pessimistic about overall order books and export order books. Appraisal of stocks continued to increase from historic lows.
Looking at the two graphs provided on the links, it appears we are about to fall off a cliff in both instances:
Meanwhile, German retail sales grew faster than expected in June, reversing previous month's drop, data from the Federal Statistical Office revealed. Sales grew 6.3 percent month-on-month in June, after a 2.5 percent fall in May. Economists were looking for a 1.7 percent increase.
Can there be any doubt that ECB decisions are now exclusively aimed at the German economy, as suggested by The Guardian, in a report following the latest recent rise in Eurozone interest rates, earlier this month:
More on this from the FT, linked here.
Labels: Euro collapse