Nat Rudarakanchana
International Business Times
November 8, 2013
Norway, Sweden and Switzerland are currently the three winners of the European economy, according to a research note by Swiss bank UBS AG (VTX:UBSN) distributed on Friday.
That means, more precisely, that the three non-euro countries have managed to grow faster than the best-performing euro zone economy — Germany — in 2012 and 2013. The U.K. is another strong performer.
But their success can’t be credited to keeping their own currencies rather than joining the euro, wrote UBS analysts. Instead, strong private consumption has driven gains in the three countries.
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