Can Emerging Markets Save Europe?

The head of the European Central Bank thinks exports to emerging markets will help the EU offset a U.S. slowdown. Some economists aren't so sure

It was the kind of subtle shift in wording that professional European Central Bank watchers live for. Back in September after the bank's monthly meeting, President Jean-Claude Trichet predicted that global growth would remain robust because a slowdown in the U.S. would be "largely offset" by growth in emerging markets. But following the ECB's Nov. 8 meeting, Trichet modified his statement slightly. A slowdown in the U.S., he now says, will be "partly offset" by emerging-markets growth.

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