June 12, 9:47 a.m.
According to Eurostat industrial production in the Eurozone fell by 1.9 % in April. This means that over the past 12 months industrial production has fallen over 21 %.The GDP has also fallen by 2.5 % in the first quarter of 2009. The rate of decline has slowed somewhat but unemployment is rising.
Clearly the recession has not yet ended in Europe.All the more reason why the fiscal conservatism of the European political leadership and its opposition in the case of the German Chancellor to European central bank easing of monetary policy is misguided.
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