European car sales plummet, even in solid Germany
MILAN -- Europe's auto market is in freefall. Once the motor for Europe's economy, the car industry has fallen victim to the region's widening recession and soaring unemployment. Carmakers have suffered 18 straight months of declining sales as people worried that they might soon be out of a job put off making big purchases....
Was Thatcherism Good (or Bad) for the Economy?
Margaret Thatcher was known as the woman who, between 1979 to 1990, brought austerity and — at least for part of her tenure — economic growth to a stagflation-riddled Britain. She’s also known as a heedless free-market deregulator who set the stage for financial boom and bust, as well as for growing inequality. At a time when the debate over growth and austerity is front and center in the UK, the US, Europe, and much of the rest of the world, what is the legacy of Thatcher economics? Below, a look at some of the Iron Lady’s key economic ideas and what, if anything, they have to teach us today. A focus on inflation versus unemployment. Perhaps it was justified back then, given that inflation in Britain in the late 1970s was heading towards 20%. But as Capital Economics managing director Roger Bootle points out in his smart look at Thatcher’s legacy in The Telegraph, the result of the government’s policy of fighting inflation by hiking interest rates fast and hard was “a cripplingly ...
Europe unemployment hits record high
The recession in Europe grinds on.
Found more than 1 month ago on channel CNN Money
Eurozone Unemployment at Record 12 Percent
(LONDON) — Unemployment across the 17 European Union countries that use the euro has struck 12 percent for the first time since the currency was launched in 1999, official figures showed Tuesday. Eurostat, the E.U.’s statistics office, said the rate in February was unchanged at the record high after January’s figure was revised up to 12 percent from 11.9 percent. (MORE: Europe’s Crisis Measures Are Working…Sort Of) Over the month, a net 33,000 people in the eurozone joined the ranks of the unemployed. Spain and Greece continued to suffer from unemployment rates above 26 percent, and many other countries were seeing their numbers swell to uncomfortable levels. It’s not all doom and gloom. Germany, Europe’s biggest economy, has an unemployment rate of only 5.4 percent. That’s even better than the U.S. rate of 7.7 percent. The February figures came before the recent Cyprus crisis, which has reignited concerns over the future of the euro. Under the terms of its bailout, big depositors ...
Analysis: Germany sees itself as Europe's grown-up, children sullen
BERLIN - Buoyed by solid finances, roaring exports and low unemployment, Germany increasingly sees itself as the only grown-up in Europe, responsible for bringing wayward children into line to hold the family together.
Found more than 1 month ago on channel Reuters