Germany offers a window on global financial health, then the view is good - by Hamish McRae
In Britain there is a clear distinction between what is happening in the housing market and what is happening to the real economy. News on the former is still pretty grim, whereas things such as retail sales and exports seem to be holding up reasonably well. The pound, however, continues to languish. But what about Europe? The eurozone economy is far from a single entity and the downturn is showing up some inherent tensions within it. But the euro is soaring and the largest of the continental economies, Germany, is still growing reasonably strongly. The distinction in Germany is not between the housing market and the real economy but between what is happening and what industry expects to happen.
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