The Organisation for Economic Co-operation and Development (OECD) on Wednesday presented its growth prognoses for 2010, predicting a growth rate of 3.2 percent for the US and 1.2 percent growth for EU member states. The left-liberal daily Der Standard lists the advantages enjoyed by the US economy: "There's no way of getting around the biggest economic power in the world, especially as it is equipped with the global key currency. The European Monetary Union, meanwhile, remains extremely vulnerable. On the one hand the US simply had good luck: the collapse in global trade caught the strong exporter Europe off-guard. ... And budget deficits, like personnel, can traditionally be reduced quicker in the US than in the European Union. This in turn has a positive effect on revenues. Certainly, Washington will also have to cut expenditures, but cost-cutting measures like those seen in Europe are not to be expected. Consequently the country that caused the crisis will be able to close this chapter faster than Europe. That may seem unjust, nevertheless it remains true that while America can once more pursue its dreams, Europe's wishes are bursting like soap bubbles." (27/05/2010)
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