Word: pkbanken
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...Nils Lundgren, vice president of Stockholm's Pkbanken, believes that West European countries are slowly creating conditions for steady, solid growth. Said Lundgren: "We are more inflation-proof now during the business upswings." Imports are cheaper, wage increases are modest, and governments are reducing budget deficits. At the same time, Lundgren found that Europeans, on the political left as well as the right, have learned to accept the need for free-market solutions, even if it means shutting down loss-making steel mills and shipyards. Jean-Marie Chevalier, professor-of economics at the University of Paris Nord, also noted...
...level of interest rates. In Sweden, where GNP growth is expected to be only 1.5% this year, the interest rate charged by banks to prime corporate customers can be as high as 11.5%, compared with the 8.25% levied on similar loans in the U.S. Nils Lundgren, vice president of Pkbanken, a major Swedish bank, argued that the U.S. was responsible for pushing up interest rates around the globe because Washington must borrow so much money abroad to help finance the federal budget deficit ($221 billion last year). Said Lundgren: "The U.S. is using up the savings of the world...
...same imperative: generate more internal investment and growth. Otherwise, Europe will remain hooked on exporting. At present the U.S. is the main engine of world economic growth, but that cannot continue indefinitely because the enormous American trade deficit is unsustainable. Warns Nils Lundgren, vice president of Stockholm's Pkbanken: "Either the dollar has to fall more or there will be more protectionism in the U.S." Both outcomes could undermine European growth. Concludes Mast: "We must stop telling the Americans what to do to help the world economy and start doing something ourselves. We have to grow...
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