On Saturday, the European Union celebrated 60 years since the signing of the Treaty of Rome which founded EU’s predecessor, the European Economic Community. This anniversary came at a time when the Union is facing an existential crisis, amplified by the Brexit and by numerous recent terrorist attacks which could have been avoided through a better cooperation and communication between the member states’ security and intelligence services. However, in these difficult circumstances, a breath of fresh air is coming from the economic sector, which sees a significant acceleration in the growth rate of Eurozone businesses.
A report by the financial services company IHS Markit reveals that the growth of the Eurozone in the month of March reached the highest levels of the last six years. The rise was signaled by the latest Markit Composite Purchasing Managers’ Index (PMI), which reached 56.7, going up from February’s 56.0. Considering the fact that any value above 50 shows growth, the current levels are remarkable, especially for the post-crisis period. The PMI, which relies on “original survey data collected from a representative panel of around 5,000 companies based in the euro area manufacturing and service sectors” measures trading activity, giving an indication of the state of the economy at that point in time. Furthermore, a new record was set in the field of job creation, with March having the highest numbers of the past ten years. This increase was particularly spectacular in Germany’s service sector, where more jobs appeared on the market than in any month of the previous 20 years. In this vital country of the Eurozone, there was a further acceleration in output and order book growth in both manufacturing and services. Another factor leading to the positive performances of the Eurozone was the high domestic demand registered in France, the levels of which led to a national economic growth that surpassed Germany’s.
The news presented in the IHS Markit report is one of the few positive experiences of the EU in the difficult times which it is currently facing. In the context of the upcoming Brexit negotiations, French elections and constant talks of EU reform, it is likely that the European leaders will be able to at least take comfort in a solid economy of the Eurozone.
English-German glossary
predecessor (ˈpriːdɪsesə(r)) = Vorgänger
anniversary (ˌænɪˈvɜːsəri) = Jubiläum
to face (feɪs) sth = sich etw gegenübersehen
to amplify (ˈæmplɪfaɪ) sth = etw vergrößern
intelligence (ɪnˈtelɪdʒəns) = (hier) Geheimdienst
circumstances (ˈsɜːkəmstənsɪz) = Umstände
acceleration (əkˌseləˈreɪʃn) = Beschleunigung
to reveal (rɪˈviːl) = ergeben
to signal (ˈsɪɡnəl) sth = sth erkennen lassen
value (ˈvæljuː) = Wert
survey (ˈsɜːveɪ) = Umfrage
to collect (kəˈlekt) sth = etw sammeln
panel (ˈpænl) = Ausschuss
manufacturing sector (ˌmænjuˈfæktʃərɪŋ ˈsektə(r)) = Herstellungsbereich
service sector (ˈsɜːvɪs ˈsektə(r)) = Dienstleistungsbereich
trading (ˈtreɪdɪŋ) = Handel
to set a record = einen Rekord aufstellen
output (ˈaʊtpʊt) = Produktionsmenge
order book = Auftragsbuch
domestic demand (dəˈmestɪk dɪˈmɑːnd) = Binnennachfrage
to register (ˈredʒɪstə(r)) sth = (hier) etw verzeichnen
to surpass (səˈpɑːs) sb/sth = jdn/etw übertreffen
to take comfort in sth = in etw Trost finden