Roach Sees ‘Relatively Contained’ Recession in Europe
Stephen Roach told Bloomberg television earlier today that he does not expect the recession in Europe to be severe. Therefore, he believes the impact on other economies, particularly in Asia that depends on Europe for external demand for exports, will be limited. Video below
Also note that this morning, we learned that factory output in the euro zone fell 0.3% in the year from November 2010, suggesting that the euro zone is indeed already in a recession now.