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Too Good To Last
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Too Good To Last

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Published in: Economy & Finance, Business

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Transcript

  • 1. Ingrit Kerge
  • 2.
    • From The Economist
    • Date: May 15th 2008
    • About the euro-area economy
  • 3.
    • A credit crunch
    • GDP (Gross Domestic Product)
    • Inflation
    • ECB (European Central Bank)
  • 4.
    • A credit crunch (also known as a credit squeeze) is a sudden reduction in the general availability of loans (or credit), or a sudden increase in the cost of obtaining loans from banks
  • 5.  
  • 6.
    • Rising food and petrol prices reduced consumer spending
    • Firms were working through order books fattened by resilient export demand
  • 7.
    • The first quarter was strong.
    • GDP rose at an annual rate of 2.8%
    • Solidity in the north
    • Fragility in the south
  • 8.
    • In Germany: confidence dropping in April to its lowest in more than two years
    • In France: confidence which had briefly flowered, wilted as well
    • In Italy: firms have sunk further into gloom
  • 9.
    • The euro area inflation is likely to stay above 3%, well over the ECB target range of below 2%
  • 10.
    • Bank loans to households are decreasing
    • Bank lending to firms is still active
  • 11.
    • The Spanish economy is the clearest victim of the credit crunch, just it was the main beneficiary of the credit boom
    • Spain is weighty enough – and its slowdown sharp enough - to do much harm to the euro area economy
  • 12.
    • The worst of the credit crunch may be in the past, but there are tougher times ahead for the euro area economy
  • 13.