The latest data show that consumers in Europe as a whole seemed to have reached the steady state economy. However, inside the Eurozone, retail spending continues to slide slowly. Combined with the unemployment data, we can see that Europe continues to stagnate - it has not solved its fundamental problems, but nor has it slid into acute crisis.
2 comments:
I suspect Europe has gone to the park and is sitting on a bench feeding the pigeons. When that's done Europe is liable to fill its pockets with stones and head for the river.
Let's not forget that in terms of materials flows, a no growth GDP is everything but a "steady state economy", it just means :
Same number of barrels burnt as previous year
Same number of cars built as previous year
Same number of houses built as previous year
Etc
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