Europe ‘facing tougher time than US’

Article reports that Continental Europe is heading for a deeper recession than the US as it lacks the necessary flexibility to react to the worsening economic situation, according to leading executives and policymakers, October 2008. European business people are worried that, despite the financial crisis originating in the US, Europe will suffer more from it. Many are joining investors in urging the European Central Bank to abandon its focus on inflation and concentrate on trying to stave off a prolonged recession.