There is only one problem with the chatter about Europe’s “soft landing”: its economy never truly flew. While America’s growth has consistently amazed, Europe’s has been miserable. Exclude Ireland, where national statistics are distorted by multinational companies minimising their tax bills, and the EU’s GDP has risen by about 3% since 2019, compared with a 9% increase in America.
Yet Europe’s economic outlook is undoubtedly improving. Data published on May 15th showed that the euro zone grew by 0.3% in the first quarter of this year against the previous quarter. Although a modest rise, this was the first significant growth in six consecutive quarters and enough for the currency bloc to emerge from a recession. The same day the European Commission upgraded its forecasts of EU growth for 2024. “We believe we have turned a corner,” cheered Paolo Gentiloni, a commission…
