Business: A European Minirecession

TIME'S foreign economists see a milder downturn abroad than in the U.S.

Since 1969 the TIME Board of Economists has provided the magazine's readers with insightful analyses of the U.S. economy. Now, in recognition of the increasing interdependence of the world's economies, TIME has formed a European Board of Economists. Last week in Paris the group met for the first time.

Despite the darkening economic clouds blowing from the U.S., the five members of the TIME board (see box) view Western Europe's prospects as brighter. With the exception of Britain, Europe seems headed for a...

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