NEW YORK (CNNMoney) -- The European Union, already strained by a deep debt crisis and spiraling financial markets, succumbed to the global economic malaise in the second quarter.
Gross domestic product for the 17 nations that use the euro grew a combined 0.2% in the second quarter, according to preliminary estimates released Tuesday from Eurostat, the EU statistics office.
http://money.cnn.com/2011/08/16/news/international/european_union_gdp/index.htm?iid=HP_LN
"A report released by German Federal Statistical Office showed that the German GDP rose 0.1 percent sequentially in the second quarter following an upwardly revised 1.3 percent growth in the previous quarter. Economists had expected a bigger 0.5 percent expansion. The slowdown reflected softening in trade, which has thus far been its main engine of growth.
U.K. annual consumer price inflation accelerated to 4.4 percent in July from 4.2 percent in June. With inflation remaining more than 1 percent points above the central bank's threshold level of 2 percent for three straight months, the Bank of England governor Mervyn King has to write an explanation letter to Chancellor George Osborne." ino.com
NEW YORK (CNNMoney) -- It would be "treasonous" if Chairman Ben Bernanke tried to use Federal Reserve policy to stimulate the economy before the election, Texas Governor Rick Perry said at a campaign stop in Iowa.
During an appearance in Cedar Rapids, in what appeared to be a backyard with a child's slide, Perry invoked folksy language to explain what he'd like to do to Bernanke if the chairman decides to engage in more quantitative easing.
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