Word: europeanizer
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...Davos, Switzerland, late last month, the perspectives varied according to geography. "The U.S. economy is on steroids," said a worried Pascal Blanque, chief economist at the French bank Credit Agricole. Blanque fears an America bulking up on dangerous deficits, a lax monetary policy and the falling dollar. "The European economy is on tranquilizers," retorted Laura D'Andrea Tyson, dean of the London Business School and former chair of the Council of Economic Advisers in the Clinton Administration. She argues that Europe is both too complacent about its weak growth and strong common currency, and too slow to boost its international...
...five economists seemed upbeat about the resumption of growth worldwide and relieved that investment is picking up and confidence appears to be returning to both consumers and business. But while the U.S. focuses on jobs and obsesses about the emergence of China as a low-cost economic colossus, European Union nations have turned inward. They are preoccupied by the addition of 10 new E.U. members this year, by the tussle over a new European Constitution and by the collapse of the Growth and Stability Pact, which imposed rigid discipline--overly rigid, critics say--on governments to curb deficits. Europeans...
...much time, said Tyson and Naim. "Europe has a tsunami coming its way this year," warned Naim. He predicted that as the weak dollar undermines European companies, European countries will be paralyzed by a clash between businesses urging far greater flexibility and unions and other groups seeking protectionist barriers. "This is the clash we're going to see emerging powerfully in Europe in the next 24 months," Naim said...
...other fearsome exchange rate, of course, is between the euro and the dollar. The euro has taken the brunt of the dollar's depreciation--the greenback has dropped more than 30% against the euro over the past two years. Naim foresees U.S. competitors grabbing European market share "and a wave of European companies investing in the U.S., where they'll find companies 30% cheaper." Blanque calculates that each 5% appreciation of the euro against all currencies translates into a loss of European-GDP growth...
...economies to boost productivity, reduce the relatively high cost of labor and find better investment uses for a huge pool of savings that is sitting in bank accounts that yield very low returns. France's savings rate is higher even than Japan's. "The strength of the euro highlights European structural problems; it doesn't cause them," Blanque said...