Europe's Leaders See Growth; Business Prepares for the Worst

Blast furnaces of ArcelorMittal in Florange, eastern France. The steel giant is taking a $4.3 billion writedown on slumping European demand. Photograph by Jean-Christophe Verhaegen/AFP via Getty Images

Europe’s leaders are starting to talk, cautiously, about economic recovery. “Growth is expected to pick up in the second half of 2012 and gather speed in 2013,” Olli Rehn, the European Commissioner for Economic and Monetary Affairs, wrote in a Dec. 10 column in the Financial Times.

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