Fair dos to the German government. Its stimulus measures, once derided as puny, have delivered a bigger bang for the buck than anyone expected. Germany and France, partly helped by Germany's stimulus programme, surprisingly exited recession in the second quarter. Both countries' 0.3 per cent quarter-on-quarter growth yanked up the eurozone as a whole to only a 0.1 per cent contraction. Economists across the continent are now tweaking their spreadsheets. Coupled with Wednesday's message from the Fed that the US economy may be levelling out, the impression that the worst is over is solidifying.
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