Peak of Erudition

With major economic indicators like exports, service sector growth, automobile growth, housing sector growth etc. clearly indicating that the European countries are indeed facing a huge recession, the European Central Bank and the Bank of England are most likely to cut down the interest rates very sooner than later.  The decline is also likely to be steeper given the aggressive rates US is providing, which is at just 1%. Whether this will lead to a revival in the consumer confidence and economic revival is a billion dollar question which nobody wants to even think about now. The stark reality could be that the European system might be heading not for a recession, but for a depression.