CAMBRIDGE: Europe's economy is clearly on the upswing: growth forecasts run at 3% and even higher rates are quite possible. The world economy looks better and even inside Europe, demand is rising. Plenty of reason, therefore, to be optimistic: say good-bye to global crisis, forget the risk of a stagnant Europe. But there is even more good news, promising perhaps to turn the current upswing into something more durable. For this, thank the often abused Euro, for it has anchored the once profligate nations of the Mediterranean in German-style monetary discipline.
CAMBRIDGE: Europe's economy is clearly on the upswing: growth forecasts run at 3% and even higher rates are quite possible. The world economy looks better and even inside Europe, demand is rising. Plenty of reason, therefore, to be optimistic: say good-bye to global crisis, forget the risk of a stagnant Europe. But there is even more good news, promising perhaps to turn the current upswing into something more durable. For this, thank the often abused Euro, for it has anchored the once profligate nations of the Mediterranean in German-style monetary discipline.