For the past three years, Western Europe has been the slowpoke of the world economy, lagging well behind the U.S. and Asia. Now Europe is achieving the kind of steady growth that demonstrates a welcome, if belated, capacity to respond to international competition. During the past twelve months, Europe has pushed ahead at close to an average 3% annual rate, while the U.S. has expanded at only 2%. The European upswing, moreover, is expected to last another twelve months or so, fueled by a backlog in export orders, healthy profits in many industries and a rise in consumer spending.
All that...
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