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Is the Euro area heading to ''Japanese style'' stagnation?

Written by Ashwin Rattan Wednesday, 08 August 2012 06:34
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 FIVE years ago, things looked rosy.

 

In the first week of August 2007 forecasts by investors and major central banks predicted growth rates of 2-3% in America and Europe.

 

But on August 9th 2007 everything changed. A French bank, BNP Paribas, announced big losses on subprime-mortgage investments.

 

The same day, the European Central Bank (ECB) was forced to inject €95 billion ($130 billion at the time) of emergency liquidity.

 

The crisis had begun.


(From The Economist)

 

To read the full article, click here

Last modified on Wednesday, 08 August 2012 07:02

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