Despite sagging global growth, soaring oil prices and the threat of renewed turmoil hanging over share markets, Europe appears to have managed so far to weather the storm unleashed by the upheaval in the United States housing market and fears of a major world economic slump.
More than 20 years have passed since former conservative German chancellor Helmut Kohl came to power, promising to follow the lead of Britain and the United States with a rigorous round of economic reforms. However, the Kohl era ended with very little to show in the way of major changes to Europe’s biggest economy.