The Federal Reserve has put its interest rate hikes on hold. The equity markets spent December crashing into bear territory. Profits warnings from major companies are starting to stack up, and finance ministers are bracing for a recession. There is unmistakable evidence that global growth is slowing down – and that is being widely blamed on a spluttering Chinese economy.
But hold that. That’s nonsense. The actual figures show the source of the slowdown is not China at all. It is the eurozone. Of the three major engines of global growth, it is Europe’s that has stalled – and unless we recognise that, no one is going to be able to fix the problem.
Read the rest of this article by Matthew Lynn at The Telegraph here.
But hold that. That’s nonsense. The actual figures show the source of the slowdown is not China at all. It is the eurozone. Of the three major engines of global growth, it is Europe’s that has stalled – and unless we recognise that, no one is going to be able to fix the problem.
Read the rest of this article by Matthew Lynn at The Telegraph here.
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