The European Commission pretended a few months ago that the modest second quarter GDP growth in the eurozone (0.3 percent) proved them right. We have learned today that the success story continues - at an even slower pace of 0.1 percent compared to Q2. Germany "lead" the way again with a 0.3 percent (down from 0.7 percent last quarter).
But, this doesn't, yet, show the complete extent of the success story that Europe has become under the leadership of Germany and the Commission, since compared to the same quarter last year the eurozone economy "only" shrank by 0.4 percent. On the downside the eurozone was out-performed by a person who called for more belt tightening while being surrounded by really hideous gold stuff.
But, I am really looking forward to all the talk by European and German officials about how the continued "growth" shows that their policies are "working". Also, this clearly highlights the competence of German economists who just a few days ago said that what Germany needs right now is a higher base rate. Clearly 0.6 percent year over year growth underscores the imminent danger of the country starting to overheat...
Even today, the chief economist of Commerzbank, which went bankrupt a few years ago - after seeing the abysmal Q3 data - claimed that "the ECB-rates are far too low for Germany".
Has there ever been a science more embarrassing than the German brand of economics?