Eurozone GDP returns to pre-crisis levels - FT.com
. . . in the EU, it triggers a party!
"After eight painful years of crises and near stagnation, the eurozone’s economy has finally surpassed its pre-crisis high, beginning the year by outpacing growth in the UK and the US.
The eurozone economy grew 0.6 per cent in the first quarter, helped by a surprisingly robust performance by France. The better-than-expected figures took overall gross domestic product past the peak it hit in the opening quarter of 2008."
Mon Dieu, pathétique!
Hoping that Europe will somehow pull America out of its economic doldrums would be like hoping a 3 year old child with 100' of logging chain and a Big Wheel, will be able to pull your wrecked car out of a ravine.
On a more serious note, this shows exactly the problem the Eurozone is in. America has a single bad quarter, but still returns GDP results that the Eurozone fetes. Europe risks being completely left behind by America if it does not begin to modernize its work rules, employment laws, pension rules, welfare laws, and make serious economic reforms. Some countries, like Sweden, and Germany, have begun to do so to great success. But the rest are mired in a neo-feudal/socialist mindset of business as patron, and employee as servant.
It is time for Europe to modernize, and join the rest of the first world, or be left to establish a new second world economy.