Austerity and the European Economy

Euro Money

Current Economic State in Europe

The European economy has experienced extreme economic trouble due to the recent worldwide economic crisis and has yet to embark on a recovery.  The economy is expected to shrink in 2013 for the second consecutive year.  The European Central Bank announced the region’s banks planned to repay less than half of expected amount of low-interest loans from last year and Moody’s Investors Service has downgraded Britain’s government bonds from its top AAA rating.  While many countries around the world have suffered from the economic downturn, Europe has continued to struggle and has yet to show progress towards revival.