Andrew Balls, Andrew Bosomworth, Mike Amey
Could a smaller, more perfect union prevail in Europe?
We expect the U.K. economy to be flat to slightly negative and the eurozone to fall into recession in 2012, with the weakest growth stemming from peripheral countries that are undergoing big fiscal retrenchments and weak growth overall.
By buying Italian and Spanish government bonds, the European Central Bank has brought a much-needed and credible external balance sheet to bear.
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