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. T
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
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