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Latest Howard Archer Items
Europe has been in the second leg of a double-dip recession for nearly a year, officials announced Wednesday — a development that hardly comes as a surprise to the millions of workers protesting record-high unemployment in the streets of Athens and Madrid, or to many U.S. corporations with slumping sales on the continent.
Unemployment across the 17 countries that use the euro remained at its record high rate of 11.4 percent in August, official data showed Monday, renewing concerns that efforts to slash debts have sacrificed jobs.
Despite much fanfare at a summit last week, European leaders failed to convince global investors that they are on their way to solving their massive problems with debt and recession.
France and Germany on Monday proposed suspending the voting rights of European Union members who persistently break budget deficit limits, a major reform that would put teeth for the first time in the union's economic pact, but one that faces legal hurdles.