Europe's Gulf War Syndrome

Recovery in America, recession in Europe? That's what happened after Gulf War I in 1991 — and the question is again stalking the Continent. While things are looking up for the U.S. economy, in Europe unemployment is rising, capital spending by businesses remains stuck in a rut, and consumer confidence in several nations is at a 10-year low. Germany, Europe's biggest economy, may already have drifted into recession, and many economists say it could drag down the rest of Europe with it unless something unexpected happens to break the slump.

Last week, both the European Commission...

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