The Summer Just Got Hotter

After several false starts and much delay, Europe has finally managed to crank up its economic growth engine. But how long before it once again sputters? Preliminary second-quarter [an error occurred while processing this directive] figures published by the E.U.'s statistics office last week showed that the 12 euro-zone countries, led by a resurgent Germany and France, enjoyed their strongest growth in six years, catching up with Britain, which continues to perform more robustly than even the prudent government anticipated.

The 0.9% quarterly rise in the euro zone was fueled by a sequence straight out of the textbook: firms enjoying...

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