Industrial production is now expanding faster in the euro-zone’s periphery than in the core. While this reflects progress made towards restructuring in the peripheral economies, industry still faces big constraints that will prevent the sector powering decent recoveries there.
Dangerously low inflation is not just a euro-zone phenomenon. Data published last week showed that price pressures are very subdued in some of the Nordic countries too. Sweden, in particular, appears at risk of a damaging bout of deflation.
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