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Fall 2008: Selective Investors Should Win Out in Europe

by Richard Plummer and Sarah Bate

Although global growth is strong and the IMF is expecting expansion of 4.1 percent this year (compared with an average of 3.4 percent since 1990), growth rates are not uniform and inflation, now at its highest rate since 1992 in the advanced economies, has been something of an unwelcome surprise. Consequently, central banks have had a delicate balancing act to perform in light of weakening GDP growth, in the United States and Western Europe, in parallel with inflationary pressures.

In August 2007, as the financial crisis deepened, economic views as well as policy began to change. The European Central Bank (ECB), Bank of England (BoE) and Federal Reserve (Fed) provided emergency liquidity support for financial institutions. Since the autumn of 2007, the United States has been easing monetary and fiscal policy, bringing rate

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