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Holger Schmieding – How to restore European resilience

23. Juli 2008

Game over. After braving a barrage of global headwinds for two years without veering off course, the eurozone economy is now finally running aground. The surge in oil prices by $45 per barrel over the first six months of the year and the further 4.5 per cent spike in the effective euro exchange rate at the same time have gone beyond what the region can bear. Unless oil and currency markets turn around soon, the eurozone may grow hardly at all for the next three quarters.

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