But the mood has brightened considerably.
Yes, the economy in the monetary union is growing again, but the growth is not uniform and the unemployment rate, at over 12%, is still very high. Another positive sign is that this recovery, which was originally driven by exports, is now gradually, slowly, spreading to domestic demand. We are now at a stage like that of the US a year and a half ago. The survey data are strong, but we don’t yet have a continuous stream of strong hard data. That’s a familiar pattern in economic recoveries after a deep crisis.
Yes, the economy in the monetary union is growing again, but the growth is not uniform and the unemployment rate, at over 12%, is still very high. Another positive sign is that this recovery, which was originally driven by exports, is now gradually, slowly, spreading to domestic demand. We are now at a stage like that of the US a year and a half ago. The survey data are strong, but we don’t yet have a continuous stream of strong hard data. That’s a familiar pattern in economic recoveries after a deep crisis.