I wonder what will happen if Americans are really depressed. French are all going to literally die?
Well, the government took their cigarettes away.
Consumer confidence does not necessarily translate into economic performance.
"News of a sharp 32-percent widening in the defict in November compared with the October figure came as Germany, a key French trading partner and the eurozone's largest economy, reported a gain in its trade surplus to the highest point since reunification in 1990. The data led analysts and officials to warn that France was suffering from an underlying fall in competitiveness, a point frequently made by commentators as the trade and balance of payments figures have worsened over the last two years. . . [can't blame] the subprime housing market crisis in the United States. 'The November figures reflect a loss of competitiveness that is intrinsic to French industry.' . . . [Mean while] Germany on Wednesday said its trade surplus edged upwards in November, beating analysts' forecasts for the biggest eurozone economy."
... and from what I've read of the European Monetary Union about the only way to compete within the EU is to reduce labor costs. Germany did that years ago.
Same problem in Spain, Italy.