Home > Uncategorized > A concise update on the Eurozone

A concise update on the Eurozone

The September/October Eurozone data on the volume of retail sales (-1,8%) and industrial production (-4%) are dismal. They are consistent with the view that the present economic downturn is more severe than already expected. Employment in most countries is still lower and sometimes much lower than before the crisis. Unemployment is rising, continously. At the same time, the 2012 cyclically adjusted government deficit in the Eurozone is only 2,2% according to the ECB – already a sustainable level (assuming 3% growth of nominal GDP). Despite this, households as well as governments are required to cut back on expenditure.

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Categories: Uncategorized
  1. BFWR
    December 13, 2012 at 8:45 pm

    The citizen’s dividend is the intelligent and rational supplement to the wage. ‘nuf said.

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