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The very great recession

Author

Listed:
  • Xavier Timbeau

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Ofce Observatoire Français Des Conjonctures Économiques

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

The growth outlook for the developed countries, in Europe in particular, has deteriorated dramatically in recent weeks. The "voluntary and negotiated" devaluation of Greek sovereign debt securities, which is really nothing but a sovereign default, the wave of budget cuts being announced even as the budget bills are still debated, the inability of the European Union to mobilize its forces in the crisis – all these factors render the forecasts made two months ago obsolete. For many European countries,

Suggested Citation

  • Xavier Timbeau & Ofce Observatoire Français Des Conjonctures Économiques, 2012. "The very great recession," SciencePo Working papers Main hal-03603168, HAL.
    • Handle: RePEc:hal:spmain:hal-03603168
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03603168
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