The international environment 1993 Q4

Quarterly Bulletin 1993 Q4
Published on 01 December 1993
  • Recovery continues in North America and output in continental Europe has stabilised, but the recession in Japan may have some way to go.
  • Output in the major six overseas economies is likely to grow by 1% this year and accelerate only gradually in 1994. Concerns about rising unemployment have intensified.
  • Inflation remains very subdued with sharp falls in producer prices in several countries and falling commodity prices.
  • The widening of fluctuation margins in the ERM has led to some narrowing of interest rate differentials. Despite further falls in nominal rates in October, real short-term interest rates remain high in continental Europe.
  • Fiscal and monetary policies have eased further in Japan. The yen remains firm.

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