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November 19, 2014

The main bank of Germany notes a significant improvement in the Spanish economy

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The main bank of Germany notes a significant improvement in the Spanish economy

Bundesbank, the influential German central bank, said in its latest issue of the monthly bulletin of significant improvement of the economy of Spain, Ireland and Portugal, which allowed the reduction of unemployment in these countries. These improvements were made possible thanks to the implementation of structural reforms.

“The economic situation in Spain, Portugal and Ireland has improved markedly in recent quarters,” said the head of the Bundesbank, Jens Weidmann. In this sense, the Bundesbank believes that the measures imposed in these countries have been “effective” in reducingof index of unemployment.

Nevertheless, the German central bank warns that in these countries, “it will take some time” to return to pre-crisis levels of macroeconomic growth. As for the situation in Germany, which in the third quarter of 2014 went out from recession with GDP growth of 0.1%, after falling 0.1% in the second quarter, the Bundesbank expects that the development of this country will remain weak until the end of this year.

Among the reasons for his low optimism, the head of the German central bank cites as reasons the external factors, such as lack of incentive due to weak global demand and the slow recovery of the economy's key partners in the euro zone.

At the same time, the experts of Bundesbank noted that the German economy almost won’t grow this winter. German central bank said in its newsletter in November 2014, released on Monday this week, that “indirect pessimistic expectations and stagnant demand of products will cause the fact that economic development in Germany will be minimal, at least until the end of 2014.”


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