Another downside risk is that growth in capital spending, especially among manufacturers, could weaken appreciably if pressures on domestic profit margins mount and capacity utilization drops further. And it remains to be seen whether corporate earnings will disappoint investors, even if the slowing of economic growth is only moderate.
It increases the confidence of economic agents and is therefore favourable to growth and job creation. Had the single currency not existed, the various crises that have occurred at the global level over recent years would have translated into major turbulence for our economies. My third comment relates to the very powerful impact the euro has had on the creation of the Single Market.