Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

France calls on ECB to fix 'broken' Europe, as German & French GDP lag

France calls on ECB to fix 'broken' Europe, as German & French GDP lag

The German and French economies both disappointed in the second quarter, casting doubts over the eurozone’s fragile economic recovery.

The German economy shrank 0.2% during the second quarter, while the French economy failed to record any growth over the same period. It is the second consecutive quarter the French economy has not recorded growth. The implications for the currency bloc are profound and suggest further signs that it is moving towards deflation.

The French stagnation means the government will miss its budget deficit this year and will halve its gross domestic product forecast for 2014. Fresh from the figures the country called on the European Central Bank to do more to tackle the risk of deflation and bring the euro to a more competitive level.

Sky news reported that French finance minister Michel Sapin told the daily Le Monde newspaper: 'Growth has broken down, in Europe and in France. With zero growth in the second quarter, thereby extending the stagnation we saw in the first, our country is slowing down and will not achieve the 1% growth observers were predicting three months ago.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Play SVM's Veitch on what's next for banks

SVM's Veitch on what's next for banks

SVM fund manager Neil Veitch is finding value in what he describes as unstable financials and talks through his favourite small caps.

Read More
Your Business: Cover Star Club

Profile: UBS' robo boss on what his tween can teach the industry

Profile: UBS' robo boss on what his tween can teach the industry

Co-head of UBS SmartWealth Shane Williams explains the simple life lessons missed by the first wave of robo pioneers

Wealth Manager on Twitter