Growth is picking up across the economic superbloc but whether that’s beneficial for change is down to the reasons behind the upturnAfter a double-dip recession and an extended period of stagnation, the eurozone is finally seeing green shoots of recovery. Consumer confidence is rising. Retail sales and new car registrations are up. The European commission foresees 1.3% growth this year, which is not bad by European standards. But it could be very bad for reform.It is not hard to see why growth has picked up. Most obviously, the European Central Bank announced an ambitious programme of asset purchases – quantitative easing – in late January. That prospect rapidly drove down the euro’s exchange rate, enhancing the international competitiveness of European goods. Related: Greece is playing to lose the debt crisis poker game Related: The central banks and their bottom line Continue reading...
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