Some Unfamiliar Optimism: TIME'S European Board of Economists

TIME'S European Board of Economists foresees a year of U.S.-led growth

Pessimism has become so ingrained in Western Europe that even a modest economic upturn catches people by surprise. Six months ago, TIME'S European Board of Economists feared that the incipient recovery might be aborted by persistently high interest rates or a sudden crisis in the world's strained financial system. That did not happen, and, at their latest meeting in Paris, TIME'S board indulged in some unfamiliar, if mild optimism.

While trailing behind the more dynamic performances in the U.S. and Japan, Western...

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