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May 22, 2012

Europe: Where will growth come from?

  • Fixing the banking system and funding public projects would help, economists say, but one analyst says expect ‘a long hard slog in the best of scenarios.'
    • By DAVID McHUGH
    AP Business Writer

    WASHINGTON — On paper at least, European leaders agree: They need stronger growth measures to help their economies expand out of their 2 and ½-year-old government debt crisis. Figuring out exactly what those new steps might be will be the hard part.

    Persistent political divisions — neatly bridged by a Group of Eight summit statement that advocates a mix of austerity and growth promotion — and lack of money stand in the way of a comprehensive European growth strategy. Analysts said markets were likely to look past the verbal deal, with news about Greece's struggle to stay in the eurozone and an informal European Union summit Thursday in Brussels more likely to set the tone.


     
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