“Today’s figures present a mixed picture, but have to be considered in the context of economic conditions over the medium term” says EC spokesman Michael Jennings
- We have stressed the fragile nature of the economy and maintained that the greatest risk to the recovery is complacency
- Ongoing adjustment in euro area is a story of deep structural change
- Sound foundations are in place for the recovery to continue
- External developments may increase uncertainty bit our foundations remain intact
- Says one of the reasons for recent German slowdown was probably the extremely mild weather in winter leading to high growth rates at beginning of year
- Too early to update Italian deficit forecasts despite possible much weaker GDP performance than was expected
- Worse Italian GDP can be expected to impact on public finances
Translation – 2We may or may not be screwed, we have no idea”
Europe has been staring down the barrel of this particular gun for over a year now. There’s times you have to see check reality from what a bunch of statos put down on a piece of paper saying what may happen.
Anyway, someone get out and grease the goalpost wheels please as I reckon they’re going to need moving soon
