Summary: Learning to Live With Deflation 2
Risk Scenarios 7
Deflation: Beast Unleashed? 10
Global Liquidity 20
Financial & Monetary Conditions Indices 21
G3
Eurozone
Continuing Contraction
24
US
Back to Big Government
28
Japan
Hit by Unwinding Global Imbalances
32
Eurozone Countries
Germany
Crisis Conditions
36
France
Likely to Avoid the Worst
38
Italy
Sinking
40
Spain
Painful Adjustment
42
Netherlands
Waiting for External Stimulus
44
Belgium
Foggy Outlook
45
Austria
Increased Risks, Activity Resilient
46
Portugal
Pulled Down by Others
47
Finland
High-Tech in Steep Decline
48
Ireland
Deflation Looking Likely
49
Greece
Freefall
50
Slovenia
Already Contracting
51
Slovakia
Bad Start for EMU’s Newcomer
52
Other Europe
Denmark
Tough Times
53
UK
Prolonged Agony
54
Sweden
Worse to Come
56
Norway
Into Recession
58
Switzerland
Flattering to Deceive
60
Russia
Rapidly Falling into the Red
61
Ukraine
Searching for Rock Bottom
62
Poland
Not Immune to Recession
63
Hungary
Recession to Deepen
64
Czech Republic
Export-Led Contraction
65
Bulgaria and Romania
External Aid Needed
66
Turkey
Little Room for Manoeuvre
67
Other Countries
PRC
Weathering the Storm
68
Asia
Year of Living Dangerously
71
Australia
Bushwacked
74
Canada
Hit on all Sides
76
Brazil
Time to Test the Fundamentals
77
Mexico
Treading Water
78
Other Latam
In Recession, Some in Danger
79
Commodities
Gold
Going for Gold
81
Oil
OPEC, Yes We Can?
82
Base Metals
Saved by the Financial Stimulus?
84
Long-Term Economic Forecasts 86
Key Central Bank Dates 88
Contact Names 91
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