Mr. Hurley said the biggest external risk was 'a disorderly unwinding of global imbalances' such as the US current account and trade deficits. Mr Hurley said this could lead to a rapid fall in the dollar and a sharp rise in the euro, which would affect competitiveness. He also cited energy prices and political uncertainties as external risks to the economy. On the European economy, Mr Hurley said the long-term trend was worrying, and that Europe was losing ground on the US in terms of improving living standards. He added that progress on implementing the Lisbon Agenda on economic reform had been 'very poor'.
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