英,法,德三国经济恢复赛跑

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The race for recovery is on, but it's the much criticized continental European economies streaking ahead of the track. Today we learn the French economy expanded by 0.3% in the second quarter of the year, Germany grew by the same amount. Both economies had been expected to shrink. Over the same period, UK output had fallen by 0.8%, so we remain in recession while others forge ahead.

It was the car scrapping scheme pioneered in Germany that was particularly praised by the French Finance Minister for boosting growth in both countries. That scheme, one of several governments’ fiscal stimulus measures has seemed to be working.

"Car scrapping incentive certainly seemed to have played a part. Consumer spending increased in both Germany and France in the second quarter. And we know that car registrations rise very sharply on the back of these schemes. One point to bear in mind is that these schemes are due to end at the end of this year. Now in France they have said they will be phased out rather than just ending dramatically. But even so that suggests that we are going to see some payback next year, and consumer spending is going to be a little bit weaker."

German industry collapsed at the end of last year and beginning of this, as world trade slumped, sending the first quarter GDP to its largest contractions since Germany unified. So, today's second quarter figure was a welcome surprise for Germany's Finance Minister ahead of next month's election.

"I'm glad because we all expected that the second quarter was also going to be a bad one after the disastrous first quarter. But we shouldn't be overwhelmed by enthusiasm and optimism."

Today's figures suggest a balanced economy has been key to survive in the credit crunch. Germany's industrial exports had been savaged by the collapse in trade finance while the UK's banks and over-borrowed consumers have run out of funding. And France is enjoying high consumer spending and exports without relying totally on either.

"There's probably a certain element of French crowing that's justified. Their recession has been far less severe than the UK or Germany. You look over the past four quarters, the economy contracted by about two and a half percent, whereas in the UK and Germany it's been five or six percent."

It was only three months ago, when the last set of German economic numbers came through, that there was a merest hint of schadenfreude here in the UK Treasury. And it appeared that Germany was suffering an economic cataclysm. Well, the shoe is on the other foot now, Britain, the sick man of Europe again, but in truth, the growth of Germany and France is exceedingly good news for Britain and its exporters in its biggest export market.

But for now the economic bragging rights at the upcoming world leaders summit aren't with Gordon Brown.

Vocabulary:

1.       phase out: to gradually stop using or providing something

2.       schadenfreude: 源自德语，由schaden（damage）和freude（joy）演变而来。意为幸灾乐祸（to take spiteful malicious delight in the misfortune of others.）。

3.       sick man of Europe: a nickname that has been used from time to time, to describe a European country experiencing a time of economic difficulty and/or poverty.

4.       bragging rights: entitlement to boast about something