After EU finance ministers gave their official sign-off to Greece’s bailout at a meeting last Monday the euro was able to disappear into the shadows for a much-needed rest. Having devoted most of their waking hours over the last six months to the study of the possible, the likely, the planned, then actual Greek default, investors were delighted to ignore it for the moment.
And it was easy enough to ignore the economic goings-on in Euroland. The only figures to attract any real attention were Tuesday’s ZEW survey results. Once a month the ZEW think-tank canvases eurozone investors’ opinions on the economic climate. In March they found much higher levels of optimism in Germany and in pan-Euroland, the former improving from 5.4 to 22.3 and the latter swinging from a negative -8.1 to an undeniably positive 11.0.
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