Summary: Despite all the talk of recovery in Europe, the data suggest that the improvement in Europe is uneven at best now. The core has moved into a cyclical upturn but a lot of work remains in places like Italy and Greece. Today's data points underscore this point.
My macro outlook for Europe is positive. If ones looks at the chronology of events it is clear that both fiscal and monetary conditions are easier today than they were last summer before the OMT was released and Europe was still going through a course of painful front-loaded austerity. Moreover, the data have shown contraction at a more gradual pace within the periphery while we see accelerating growth in core countries like Germany. All of that is very positive. My call in July was that the "likely outcome here is one of rec...
As this site is now reader-supported via Patreon, the remainder of this article is only available to subscribers at a specific patronage level. Articles at patronage levels BRONZE, SILVER, and GOLD are denoted by the categories in blue capital letters above the post. Posts categorized DAILY are available to both SILVER and GOLD patrons.
Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.