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Mortgages - Eurozone economy in signs of resurgence - 22/02/2008

The Eurozone economy refuses to collapse as predicted and has shown signs of growth.

Purchasing managers’ indices rose unexpectedly this month and has provided hope of a market recovery after recent turmoil.

“Business conditions have recovered slightly from the turmoil seen in late January, when the equity market falls may have led to a postponement of purchases by consumers and businesses,” said Jacques Cailloux, economist at Royal Bank of Scotland.

There is still a predicted slowdown in growth which, however, means the European Central Bank is expected to follow the US Federal Reserve and cut its rate in an attempt to ease the burden on mortgage holders. This may or may not do anything for homeowners on a fixed mortgage.

Eurozone inflation is at 3.2 per cent, a 14-year high and way beyond its target of an annual rate of 2 per cent.

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