3 notes
"Europe’s recovery is delayed by deflationary headwinds: Our forecast for eurozone inflation is only about one-half of a percentage point. We believe the severe austerity measures brought on by the fiscal problems in the periphery countries, such as Greece and Spain, will lead to a chronic shortfall of Euroland-wide aggregate demand, leaving open and even expanding a large output gap. The inability or unwillingness to increase consumer spending in any significant way in the core countries, especially Germany, points in the same direction."
Paul McCulley
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