An EU recovery is still a distant proposition. The latest evidence: New car sales in June were down 5.6 percent from last year, and new car registrations are down 6.2 percent from 2012. The FT reports:
June’s sales total was the lowest since 1996, but was marginally better than a 5.9 per cent slide in May to the lowest level for 20 years, a slump that has seen traditional volume manufacturers report billion-dollar losses and sparked a series of factory closures.Car sales fell 4.7 per cent in Germany, 8.4 per cent in France and 5.5 per cent in Italy, according to ACEA. Peugeot Citroën, Fiat and GM saw sales fall 10.8 per cent, 12.6 per cent and 9.9 per cent respectively.
Experts expect this sales decline to continue through the year as massive economic and policy failures continue to ravage the world’s largest economic bloc. Like a deer in headlights, the European policy establishment remains immobile, frightened as the zone continues to melt.[Fiat image courtesy of Wikimedia]