Europe's summer ofdiscontent

The two biggest economies in Europe, Germany and France, face a summer of severe industrial unrest as trade unions take to the streets. They will be protesting against the wide ranging pension and labour market reforms their respective governments are attempting to introduce. In the short term, the effect on European economic growth will be negative as industrial production is disrupted by the strikes. Growth in Europe is already under pressure from the global economic slowdown and the stronger euro, which is hitting export volumes. Euroland GDP growth is forecast to be only 1% for 2003 ...