- Uncertainty around economy is “unusually large”
- Debt crisis, uncertainty weighing on German economy
- Slowing Global economy, to dampen German exports
- Sees considerable uncertainty around govt deficit in 2012, 2013
- Deficit uncertainty relates to rescue funds, bank support
- Assumes uncertainty from debt crisis will gradually recede
- Domestic conditions still intact for long economic upswing
- Economic growth should revive from Spring 2012
- Domestic demand “robust” in coming years on strong labor market
- Inflation to slow noticeably in 2012, 2013 on energy costs
- Doesn’t expect noticeable drop in employment
Dow Jones reporting.
EUR/USD back at 1.3007, pretty much where it was when I first sat down.
