None of these risks implies that the monetary union will inevitably be a victim of this severe economic downturn.

None of these risks implies that the monetary union will inevitably be a victim of this severe economic downturn. But the downturn will be a more severe test for the euro than any that it faced during its first ten years.

Although that may or may not be economically sensible, a country in a severe economic downturn might very well take such a policy decision.

And, finally, America has exported its economic downturn.

In the 1990s Russia suffered an economic downturn that was, in some ways, more severe than the United States or Germany had undergone six decades earlier in the Great Depression.

The situation was exacerbated by the economic downturn after 2008.

This may not be popular, especially in an economic downturn.

It is now clearly in territory that implies an economic downturn.

As firms shed workers during the economic downturn, output fell more slowly.

This downturn is complex an economic crisis combined with a financial crisis.

SK Thew explains how the economic downturn is aggravating Malaysia s domestic problems

The downturn was so severe, and lasted so long, that some even used the term depression, before settling on Great Recession.

This, together with concerted action by governments elsewhere, will mean that the downturn will be less severe than it otherwise would be.

But the downturn will be a more severe test for the euro than any that it faced during its first ten years.

The fallout of the 2008 global financial crisis saw a renewed economic downturn.

Keynes argued not only that markets are not self correcting, but that in a severe downturn, monetary policy was likely to be ineffective.

The credit crunch in the banking system is becoming more severe as banks deleverage by selling assets and rationing credit, exacerbating the downturn.

The advanced countries are in for the worst economic downturn since the Great Depression.

DAKAR The world economic downturn and financial market tremors have strained budgets across Africa.

In an economic downturn, that is the last thing that businesses need or want.

Voters are feeling the pain of economic isolation, made worse by the global downturn.

That could precipitate the very global economic downturn that we all want to avoid.

Japan is confronted with severe economic problems.

Unemployment was soaring, and austerity, rather than restoring fiscal balance, simply exacerbated the economic downturn.

A spike in defaults could destabilize the entire financial system and trigger an economic downturn.

With the global financial crisis and the sudden economic downturn, two things are becoming clear.

Those changes should also be phased in gradually to protect beneficiaries and avoid an economic downturn.

To be sure, France has been severely hit by the global financial crisis and economic downturn.

There seems to be little or no news of the impact of the world's economic downturn.

In fact, China, with its need for high growth to pay for social peace, may be the country most at risk from a severe global downturn.

The economic impact of the current system already is severe.

Meanwhile, the economic consequences of environmental degradation can be severe.

Many will be staying there, because the global economic downturn has hit China hard, costing them their jobs.

An improved system could help alleviate the burden imposed on innocent victims of the financial and economic downturn.

LONDON The economic downturn has produced an explosion of popular anger against bankers greed and their obscene bonuses.

That very human lesson, more than 20 years ago, served me well during the last economic downturn we had.

The critical issue has been policymakers willingness to act promptly, before there is clear evidence of an economic downturn.

In the meantime, Greek society will suffer from budgetary austerity, cuts in social expenditure, and an overall economic downturn.

So, for those looking for signs of recovery from the global economic downturn, India remains the place to watch.

Accordingly, several cases have ended with severe economic sanctions for traffickers.

We already have a full blown global recession. Unless governments get ahead of the problem, we risk a severe worldwide downturn unlike anything we have seen since the 1930 s.

And its automatic stabilizers, with spending automatically increasing as economic woes increased, held out the promise of moderating the downturn.

The crisis together with the prolonged economic downturn that followed caused diversified shareholders to lose on their other investments, too.

In other words, success will be expensive very expensive which will be anything but popular in the current economic downturn.

Barcelona The financial crisis, credit crunch, and ensuing economic downturn have severely damaged the credibility of financial markets, institutions, and traders.