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Economy act 1 to 4: The "double dip" is finally af act in Europe …In our previous issue of the “Overview and Forecast” in December 2011, the economic outlook for the Euro zone and France was darkening and this year had done nothing to contradict this forecast. 2012 is the logical result of amechanics of economic and financial events which have shaken the world since 2007 and which have led the economies of the Euro zone into a "double dip" in 2012.
Act 1 started with the financial crisis in the summer of 2007 and culminated in 2008 with the bankruptcy of LEHMAN BROTHERS. Act 2 began in 2009 withdeveloped countries slipping into a recession. The States quickly implemented and coordinated social and economic "buffer" policies at the expense of a sharp rise in public debt. On the other hand, the "private" financial crisis wasalso counteracted by the management of toxic debt from banks by some states (e.g. Ireland). Act 3 concerns the success of some of these coordinated proactive policies with a rebound in economic growth in 2010. Nevertheless,this improvement is short-lived since it is immediately followed by the European sovereign debt crisis (Greece and Ireland first then Spain, Portugal and Italy) in the wake of the explosion of debt from Member States. Finally, act 4 started when, spurred on by international finance operators and large international (IMF, OECD) and European bodies, "peripheral" countries implemented extremely severe austerity policies.
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20 December 2012