Germany, by far the biggest and most fiscally sensible EU member, has suffered its largest contraction since reunification, with exports down 19% and a year on year GDP decline of 6.7%.

Doesn’t really seem fair does it? If the last 15 years can be imagined as a huge EU party, then Germany was drinking club sodas for the duration but still ended up with the worst hangover afterwards.

Those statistics above were mostly responsible for a half cent fall in the euro against the dollar, good news for those who have been diversifying into dollar assets…

All comments welcome.

Regards

Colin Murphy

Director

www.torcana.com

Tags: EU, Germany, recession, Torcana

This entry was posted on Friday, May 15th, 2009 at 4:03 pm and is filed under General Opinion. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.