RELATED NEWS
- French government step-in with credit insurance pledge
27 Nov 08 - EU paper offers food for thought
26 Nov 08 - Eyes turn to Obama as GM claims car demand is “near collapse”
07 Nov 08 - Eurozone inflation continues its fall
03 Nov 08 - Levi set to up the ante on supply chain compliance
27 Oct 08 - Central Banks announce global rate cuts
08 Oct 08
RELATED ARTICLES
- Team Players
- Chemical reaction
- Importers faced with the long REACH of EU legislation
- Vodafone’s trip to Luxembourg
- Opinion: Trade war massacre
- Opinion: Morals – what morals?
KNOWLEDGE MANAGEMENT TAGS
"Governance"
Big three suffer slump as Eurozone slips closer to recession
The economies of Germany, Italy and France all contracted in the months between April and June – offering the clearest indication yet that the eurozone could be on the brink of recession.
Europe’s largest economy, Germany, saw its economy shrink by 0.5 per cent in the second quarter of 2007, it’s first decline since 2004.
France and Italy saw similar slumps, with both recording a fall in economic activity of 0.3 per cent as a decline in exports, a slowdown down in consumer spending and the strength of the euro took their toll.
Responding to the figures Christine Lagarde, French finance minister, said the decline “mostly reflects the deterioration of our international context, which particularly weighed on our exports and which is common to all European countries.”
Germany’s deputy economy minister, Walther Otremba, admitted that the country could soon be in a recession.
“At the moment that cannot be ruled out,” he said.
= Online Global Members Only 
= Premier Members Only
