Eurozone industrial output increases
The European Commission has today revealed that Eurozone industrial output rose by 0.9% in February compared to January and by 4.1% compared to February 2009. Many analysts and experts had forecast 0% growth between January and February therefore the figure of 0.9% is very encouraging. So what does the future hold for the Eurozone?
After a period of concern regarding Eurozone economies, not least the problems with the Greek economy, it seems that finally we may be seeing some underlying strength emerge. If this is the case, and assuming that the Greek debacle is now over the worst, there is growing confidence that the Eurozone will begin to pick up and increase the pace of growth. This has been the first major test of the European Union and while initially a swift response to the Greek problem was welcomed, this soon evaporated when problems began to emerge between EU members.
As we have suggested on numerous occasions, there is growing concern that the European Union grew too quickly and took on too many relatively weak economies which now need financial assistance from those stronger economies in Europe. Whether lessons have been learnt remains to be seen but it does look as though the European Union is finally on the verge of passing its first major test.
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