The key question is: With declining US growth, will Europe be the white knight that rescues the world economy from slowing? Growth prospects for Europe The European economy is on solid ground.
Real GDP growth in the euro area amounted to 3.4% in 2000, which is the highest growth rate of the past ten years; at the same time, the ECB remains successful in maintaining inflation at low and stable levels; employment growth has been higher than in the US for each of the last three years; and finally, high fiscal deficits have been eradicated, and are a thing of the past.