EUROPE: Stagflation or Recession?

A dark vision haunts Western Europe these days—the specter of economic decline. Even before the Arabs unleashed their oil weapon, the anti-inflationary measures of European governments, widespread uncertainty about the future and political and labor unrest were combining to slow the rate of growth. What can Europe expect in 1974, which will be a year of rising energy costs and possibly of continuing scarcities?

Last week TIME brought together in Brussels a group of ten economists, bankers and businessmen to survey the prospects. They spoke as individuals, rather than as official representatives of their institutions. After a weekend of discussion,...

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