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

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nginx/1.14.0 (Ubuntu) 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 robust exports have been increasing their investment at home, which is creating jobs. Jobs, in turn, are giving a vital boost to consumption. The World Cup may have helped a bit too, especially in Germany, where some retailers and restaurants did extra business. Governments have been quick to take credit. "We've finally cut the knot," enthused Michael Glos, the German Economics Minister. "Solid growth has returned," crowed Thierry Breton, his French counterpart, predicting that 2007 will be "a good to very good year."

Many economists are more skeptical, pointing out a slew of significant risks that could nip the Euro-recovery in the bud, including the prospect of interest-rate hikes and the introduction of a higher vat rate — up to 19% — in Germany next year. One of the biggest risks is what happens in the U.S., whose economy is just starting to cool as the Europeans heat up. "Much will depend on how abruptly the U.S. slows," says Barbara Böttcher at Deutsche Bank in Frankfurt, who nonetheless expects that the Continent will be able to sustain faster growth for some time.

Her peers at Credit Suisse in London are less optimistic, pointing to surveys that suggest business confidence is already starting to decline. And some countries, especially Italy, remain stuck in a rut. Still, for much of the Continent, it all amounts to the first piece of good economic news for a long time. Pity everyone was on vacation.

• PETER GUMBEL
• Euro-zone states are enjoying their best growth rates in six years