global economy contents outlook 2 country updates 4 us european union 5 cee 6 cis 9 turkey 11 asia latin america 12 central banks watch 13 exchange rates 14 commodity prices 15 __________________________________ authors ma?gorzata jakubiak wojciech paczy? ski ?ukasz rawdanowicz case center for social and economic research foundation ul sienkiewicza 00 944 warszawa poland phone 4822 622 66 27 828 61 33 fax 60 69 com pl www 3 2003 10 23 july highlights sluggish recovery the situation has not changed much from 1q03 downside risks to recede p 1 downward revisions growth forecasts eu inflation under control record low interest rapid of budget deficit will recent decisions undermine investor confidence in health public finances moderation momentum surprisingly strong household demand german fiscal policies mark an end stability pact continued expansion economies signs stronger upturn 7 issues dominate
