By Steven HillSunday, October 7, 2007; Page B03
In the global economy, today’s winners can become tomorrow’s losers in a twinkling, and vice versa. Not so long ago, American pundits and economic analysts were snidely touting U.S. economic superiority to the “sick old man” of Europe. What a difference a few months can make. Today, with the stock market jittery over Iraq, the mortgage crisis, huge budget and trade deficits, and declining growth in productivity, investors are wringing their hands about the U.S. economy. Meanwhile, analysts point to the roaring economies of China and India as the only bright spots on the global horizon.
But what about Europe? You may be surprised to learn how our estranged transatlantic partner has been faring during these roller-coaster times — and how successfully it has been knocking down the Europessimist myths about it.