Patrick Artus’ latest Bloomberg blog argues why Europe’s growth is “stolen”

PatrickArtusWriting for Bloomberg, Artus argues that the signs of recovery in Europe have not stemmed from the regions own domestic policies or economic performance, but have, in fact, been “stolen” from the rest of the world. For example, the drop in oil prices have effectively acted as a tax cut for European consumers, adding to hopes that the continent’s economy is escaping the doldrums, but this has been at the expense of oil-exporting countries such as the OPEC countries and Russia. If Europe’s recovery is to be positive for the global economy, and be more sustainable, the region has to revive internal demand, rather than grabbing market share elsewhere on behalf of its exporters.

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