The global economy is in the midst of its deepest and most widespread recession since WW II. The euro-area economy has not been spared. It has been in recession since the second quarter of 2008 with the fall in real GDP accelerating to 2.5% quarter-on-quarter (q-o-q) by the first quarter of this...

Private consumption is a key component in the rebalancing of growth that China is seeking, and a challenging one. Not only for the 1.3 bn. Chinese citizens, but it could make an important contribution in addressing global imbalances. Understanding what drove the consumption share down to a mere...