| China and Europe: Overwhelmed. |
| It looks as though Europe will be somewhat relieved after this week. Crude oil prices have fallen about 8 percent in one week's time. The high prices contributed to an April trade deficit in the eurozone as the value of imports outpaced exports. Also consider the fact that in April the euro rose sharply to its highest level since December 2009. This euro collapse over the last two weeks must be a welcomed sign for eurozone officials, even though it is being driven by increased worry that there is no easy fix for the periphery nations and the cohesiveness of the monetary system. China is worrying too ... |
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