The Conference Board Economics Watch® - European View

Restoration of Confidence Has Stalled, Delaying Euro Area Recovery

  • The Conference Board Leading Economic Index® (LEI) for the Euro Area fell in March after slowing in February, suggesting that chances for near-term recovery have fallen
  • Business confidence remains weak and current surveys of business activity suggest Euro Area and most countries still in contraction
  • Cyprus’s banking crisis has reduced financial stability, which is a major factor preventing business sentiment from improving
  • Although energy costs have been stable recently, Europe’s economies remain heavily reliant on oil and natural gas, leaving them vulnerable to price volatility
  • However, European economies are becoming more energy efficient, especially in manufacturing
  • Increased natural gas production in United States will not affect European growth environment much over short and medium term

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