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Europe's economic mood continues to brighten
Published in Saudi Press Agency on 06 - 01 - 2011


The economic mood in Europe ended last year on a
high note, despite the threat posed by the region's debt crisis, a
key indicator released Thursday showed, according to dpa.
The European Commission's closely watched business and consumer
survey for the members of the euro currency bloc rose from 105.2 in
November to a more-than-forecast 106.2 last month. The consensus
among economists was that the index would nudge up to 105.5.
This suggests that, for now at least, "the improving global
economic outlook is offsetting the ongoing troubles in the
periphery," said Ben May, European economist with the research group
Capital Economics.
But the survey also underlined the widening gap in the economic
performance of what is now the 17-member eurozone.
While the mood in Germany, the currency bloc's biggest economy,
continued to brighten, sentiment in the eurozone's heavily indebted
geographical periphery darkened again.
This included both Spain and Greece, which have been struggling to
overcome high deficit-and-debt levels. The survey showed economic
sentiment in both nations fell again in December.
Greece along with Ireland has already been forced to take a
European Union-led bailout to help them emerge from the financial
crisis, which emerged last year.
The concern among European officials is that the crisis could
spread this year, engulfing Portugal and even Spain.
Despite this, the commission's survey showed sentiment in Portugal
gaining ground in December. However, it remains below its long-term
average.
The economic uncertainty surrounding nations such as Spain and
Portugal means that the European Central Bank (ECB) will not be in
any rush to raise its benchmark interest rate from its current
historic low of 1 per cent.
"The ECB will take the crisis nations into consideration when
making its monetary policy decisions and will not be increasing its
key rate in 2011," said Commerzbank economist Christoph Weil.
The eurozone's membership was expanded to 17 this month after the
small Baltic state of Estonia joined the currency bloc on New Year's
Day.


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