Eurozone Watch

Some of our readers may remember our reporting on the first one-day conference on EMU which we set up together with RGE Monitor and the Arbeitskreis Europäische Integration in June 2007.

Save the date of our next event coming up in Berlin on December 8, 2008:
 
The Euro at ten: Governing the Eurozone in a globalised world economy
 

09:00-09:10 Welcome address by the organisers

09:10-09:30 Key-note speech: Challenges for the Euro at ten
Gertrude Tumpell-Gugerell, Member of the Executive Board of the ECB, Frankfurt
09:30-10:00 Discussion

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After yesterday's release of German GDP data for the third quarter, it is now offical: Germany is in recession. After a contraction of (revised) 0.4 percent in the second quarter, the summer quarter saw another contraction of 0.5 percent in quarter-on-quarter terms.

Given this outcome, the official forecasts for the German economy for 2009 now look grossly over-optimistic. Only on Wednesday, the council of "Economic Wise Men", the Sachverständigenrat, published its annual forecast and predicted a stagnation of GDP for 2009. The government still officially predicts a meagre 0.2 GDP growth for 2009. IMF, EU Commission and OECD also predict stagnation for the German economy.

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