The Survey of Economists: Prospects for European Economic Recovery August 2009 Edition


TABLE OF CONTENTS	1
LIST OF TABLES	3
SURVEY PARTICIPANTS	12
SUMMARY OF MAIN FINDINGS	14
Support for Expansionary European Central Bank Policies (ECB)	14
Opinions of European Central Bank’s Policies on Purchasing Non-Traditional Assets	14
View Of The Financial Solvency Of The Financial Sector Of Germany	15
View of the Relative Role of the USA and Europe in the World Financial Crisis	16
View of Optimal Policies for European National Governments to Confront the Banking Crisis	16
Views on Increased EEC Assistance to EEC Countries Hit Particularly Hard by the Financial Crisis	17
Views on the Advisability of Increased Government Spending in a Range of European Countries	17
What is the Greater Danger to the EEC economy Over the Next Two Years: Deflation or Inflation?	18
Views on the Likely Path of the Dollar/Euro Exchange Rate	19
Views on the Reliability of EEC Commission Economic Forecasts	19
Views of Economic Prospects for Germany Over the Next Two Years	19
CHAPTER ONE: VIEW OF EUROPEAN CENTRAL BANK (ECB) POLICIES	20
CHAPTER TWO: ECB POLICIES ON PURCHASING NON-TRADITIONAL ASSETS	22
CHAPTER THREE: VIEW OF ECB POLICY ON STERILIZING THE IMPACT ON THE MONETARY BASE OF NON-TRADITIONAL ASSET PURCHASES	23
CHAPTER FOUR: VIEW OF THE SOLVENCY OF GERMAN BANKS	25
CHAPTER FIVE: VIEW OF THE RELATIVE WEIGHT OF EUROPEAN AND AMERICAN BANKS IN THE WORLD FINANCIAL CRISIS	27
CHAPTER SIX: VIEW OF ADVISABILITY OF RE-CAPITALIZING THE EUROPEAN BANKING SYSTEM THROUGH STATE BORROWING	29
CHAPTER SEVEN: VIEW OF THE ADVISABILITY OF PROVIDING GREATER AID THROUGH THE EEC TO EUROPEAN COUNTRIES ESPECIALLY HARD HIT BY THE FINANCIAL CRISIS	33
CHAPTER EIGHT: VIEW OF THE EFFICACY OF AN EXPANSIONARY FISCAL POLICY FOR THE UK	34
CHAPTER NINE: VIEW OF THE EFFICACY OF AN EXPANSIONARY FISCAL POLICY FOR SPAIN	36
CHAPTER TEN: VIEW OF THE ROLE OF AN EXPANSIONARY FISCAL POLICY FOR FRANCE	38
CHAPTER ELEVEN: VIEW OF THE EFFICACY OF AN EXPANSIONARY FISCAL POLICY FOR IRELAND	40
CHAPTER TWELVE: VIEW OF THE EFFICACY OF AN EXPANSIONARY FISCAL POLICY FOR GERMANY	42
CHAPTER THIRTEEN: VIEW OF THE EFFICACY OF AN EXPANSIONARY FISCAL POLICY FOR ITALY	44
CHAPTER FOURTEEN: VIEW OF THE EFFICACY OF AN EXPANSIONARY FISCAL POLICY FOR POLAND	46
CHAPTER FIFTEEN: WHICH IS THE GREATER THREAT TO EEC ECONOMIES OVER THE NEXT TWO YEARS, DEFLATION OR INFLATION?	48
CHAPTER SIXTEEN: PREDICTED ALTERATIONS IN THE EURO/DOLLAR/EURO EXCHANGE RATE	49
CHAPTER SEVENTEEN: PREDICTED DOLLAR/EURO EXCHANGE RATE JUNE 2010	50
CHAPTER EIGHTEEN: PREDICTED DOLLAR/EURO EXCHANGE RATE JUNE 2011	51
CHAPTER NINETEEN: VIEW OF THE RELIABILITY OF EEC COMMISSION ECONOMIC FORECASTS	52
CHAPTER TWENTY: VIEW OF THE PROSPECTS FOR GERMAN ECONOMIC RECOVERY OVER THE NEXT TWO YEARS	53


LIST OF TABLES
TABLE 1.1:	VIEW OF THE ECB’S POLICIES OVER THE PAST SIX MONTHS: …	20
TABLE 1.2:	VIEW OF THE ECB’S POLICIES OVER THE PAST SIX MONTHS: ... BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	20
TABLE 1.3:	VIEW OF THE ECB’S POLICIES OVER THE PAST SIX MONTHS: ... BROKEN OUT BY POLITICAL VIEWS	21
TABLE 1.4:	VIEW OF THE ECB’S POLICIES OVER THE PAST SIX MONTHS: ... BROKEN OUT BY PROFESSIONAL AFFILIATION	21

TABLE 2.1:	VIEW OF THE ECB’S POLICIES TO PURCHASE NON-TRADITIONAL ASSETS: ...	22
TABLE 2.2:	VIEW OF THE ECB’S POLICIES TO PURCHASE NON-TRADITIONAL ASSETS: ..., BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	22
TABLE 2.3:	VIEW OF THE ECB’S POLICIES TO PURCHASE NON-TRADITIONAL ASSETS: ..., BROKEN OUT BY POLITICAL VIEWS	22
TABLE 2.4:	VIEW OF THE ECB’S POLICIES TO PURCHASE NON-TRADITIONAL ASSETS: ..., BROKEN OUT BY PROFESSIONAL AFFILIATION	22

TABLE 3.1:	WHAT DO YOU THINK OF THE ECB’S POLICY OF OFFSETTING OR STERILIZING THE IMPACT ON THE MONETARY BASE OF ITS PURCHASES OF NON-TRADITIONAL ASSETS?	23
TABLE 3.2:	WHAT DO YOU THINK OF THE ECB’S POLICY OF OFFSETTING OR STERILIZING THE IMPACT ON THE MONETARY BASE OF ITS PURCHASES OF NON-TRADITIONAL ASSETS?  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	23
TABLE 3.3:	WHAT DO YOU THINK OF THE ECB’S POLICY OF OFFSETTING OR STERILIZING THE IMPACT ON THE MONETARY BASE OF ITS PURCHASES OF NON-TRADITIONAL ASSETS?  BROKEN OUT BY POLITICAL VIEWS	23
TABLE 3.4:	WHAT DO YOU THINK OF THE ECB’S POLICY OF OFFSETTING OR STERILIZING THE IMPACT ON THE MONETARY BASE OF ITS PURCHASES OF NON-TRADITIONAL ASSETS?  BROKEN OUT BY PROFESSIONAL AFFILIATION	24

TABLE 4.1:	WHICH PHRASE BEST DESCRIBES YOUR VIEWS ON THE FINANCIAL SOLVENCY OF BANKS IN THE GERMANY?	25
TABLE 4.2:	WHICH PHRASE BEST DESCRIBES YOUR VIEWS ON THE FINANCIAL SOLVENCY OF BANKS IN GERMANY?  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	25
TABLE 4.3:	WHICH PHRASE BEST DESCRIBES YOUR VIEWS ON THE FINANCIAL SOLVENCY OF BANKS IN GERMANY?  BROKEN OUT BY POLITICAL VIEWS	26
TABLE 4.4:	WHICH PHRASE BEST DESCRIBES YOUR VIEWS ON THE FINANCIAL SOLVENCY OF BANKS IN GERMANY?  BROKEN OUT BY PROFESSIONAL AFFILIATION	26

TABLE 5.1:	YOUR VIEW OF THE RELATIVE AMERICAN AND EUROPEAN ROLES IN THE INTERNATIONAL FINANCIAL CRISIS IS BEST DESCRIBED BY WHICH OF THE FOLLOWING PHRASES.	27
TABLE 5.2:	YOUR VIEW OF THE RELATIVE AMERICAN AND EUROPEAN ROLES IN THE INTERNATIONAL FINANCIAL CRISIS IS BEST DESCRIBED BY WHICH OF THE FOLLOWING PHRASES.  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	27
TABLE 5.3:	YOUR VIEW OF THE RELATIVE AMERICAN AND EUROPEAN ROLES IN THE INTERNATIONAL FINANCIAL CRISIS IS BEST DESCRIBED BY WHICH OF THE FOLLOWING PHRASES.  BROKEN OUT BY POLITICAL VIEWS	28
TABLE 5.4:	YOUR VIEW OF THE RELATIVE AMERICAN AND EUROPEAN ROLES IN THE INTERNATIONAL FINANCIAL CRISIS IS BEST DESCRIBED BY WHICH OF THE FOLLOWING PHRASES.  BROKEN OUT BY PROFESSIONAL AFFILIATION	28

TABLE 6.1:	IN CONFRONTING THE PROBLEMS OF THE EUROPEAN BANKING SYSTEM, IN YOUR VIEW MAJOR EUROPEAN GOVERNMENTS IN COUNTRIES WITH BANKING INDUSTRIES THAT FACE VERY HIGH LOSSES SHOULD DO WHICH OF THE FOLLOWING: (CHOOSE THE ALTERNATIVE THAT BEST DESCRIBES YOUR POLICY POSITION)	29
TABLE 6.2:	IN CONFRONTING THE PROBLEMS OF THE EUROPEAN BANKING SYSTEM, IN YOUR VIEW MAJOR EUROPEAN GOVERNMENTS IN COUNTRIES WITH BANKING INDUSTRIES THAT FACE VERY HIGH LOSSES SHOULD DO WHICH OF THE FOLLOWING: (CHOOSE THE ALTERNATIVE THAT BEST DESCRIBES YOUR POLICY POSITION).  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	30
TABLE 6.3:	IN CONFRONTING THE PROBLEMS OF THE EUROPEAN BANKING SYSTEM, IN YOUR VIEW MAJOR EUROPEAN GOVERNMENTS IN COUNTRIES WITH BANKING INDUSTRIES THAT FACE VERY HIGH LOSSES SHOULD DO WHICH OF THE FOLLOWING: (CHOOSE THE ALTERNATIVE THAT BEST DESCRIBES YOUR POLICY POSITION).  BROKEN OUT BY POLITICAL VIEWS	31
TABLE 6.4:	IN CONFRONTING THE PROBLEMS OF THE EUROPEAN BANKING SYSTEM, IN YOUR VIEW MAJOR EUROPEAN GOVERNMENTS IN COUNTRIES WITH BANKING INDUSTRIES THAT FACE VERY HIGH LOSSES SHOULD DO WHICH OF THE FOLLOWING: (CHOOSE THE ALTERNATIVE THAT BEST DESCRIBES YOUR POLICY POSITION).  BROKEN OUT BY PROFESSIONAL AFFILIATION	32

TABLE 7.1:	SHOULD THE EUROPEAN COMMISSIN BE DOING MUCH MORE TO HELP THOSE EEC COUNTRIES STRUCK MOST SEVERELY BY THE BANKING CRISIS SUCH AS SPAIN, BELGIUM, IRELAND AND GREECE?	33
TABLE 7.2:	SHOULD THE EUROPEAN COMMISSIN BE DOING MUCH MORE TO HELP THOSE EEC COUNTRIES STRUCK MOST SEVERELY BY THE BANKING CRISIS SUCH AS SPAIN, BELGIUM, IRELAND AND GREECE?  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	33
TABLE 7.3:	SHOULD THE EUROPEAN COMMISSIN BE DOING MUCH MORE TO HELP THOSE EEC COUNTRIES STRUCK MOST SEVERELY BY THE BANKING CRISIS SUCH AS SPAIN, BELGIUM, IRELAND AND GREECE?  BROKEN OUT BY POLITICAL VIEWS	33
TABLE 7.4:	SHOULD THE EUROPEAN COMMISSIN BE DOING MUCH MORE TO HELP THOSE EEC COUNTRIES STRUCK MOST SEVERELY BY THE BANKING CRISIS SUCH AS SPAIN, BELGIUM, IRELAND AND GREECE?  BROKEN OUT BY PROFESSIONAL AFFILIATION	33

TABLE 8.1:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE THE UNITED KINGDOM TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.	34
TABLE 8.2:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE THE UNITED KINGDOM TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.NOTE  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	34
TABLE 8.3:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE THE UNITED KINGDOM TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. BROKEN OUT BY POLITICAL VIEWS	35
TABLE 8.4:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE THE UNITED KINGDOM TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.NOTE  BROKEN OUT BY PROFESSIONAL AFFILIATION	35

TABLE 9.1:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE SPAIN TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.	36
TABLE 9.2:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE SPAIN TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	36
TABLE 9.3:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE SPAIN TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.  BROKEN OUT BY POLITICAL VIEWS	37
TABLE 9.4:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE SPAIN TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY PROFESSIONAL AFFILIATION	37

TABLE 10.1:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE FRANCE TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.	38
TABLE 10.2:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE FRANCE TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	38
TABLE 10.3:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE FRANCE TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.  BROKEN OUT BY POLITICAL VIEWS	39
TABLE 10.4:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE FRANCE TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY PROFESSIONAL AFFILIATION	39

TABLE 11.1:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE IRELAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.	40
TABLE 11.2:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE IRELAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	40
TABLE 11.3:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE IRELAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.  BROKEN OUT BY POLITICAL VIEWS	41
TABLE 11.4:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE IRELAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY PROFESSIONAL AFFILIATION	41

TABLE 12.1:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE GERMANY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.	42
TABLE 12.2:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE GERMANY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	42
TABLE 12.3:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE GERMANY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.  BROKEN OUT BY POLITICAL VIEWS	43
TABLE 12.4:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE GERMANY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY PROFESSIONAL AFFILIATION	43

TABLE 13.1:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE ITALY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.	44
TABLE 13.2:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE ITALY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	44
TABLE 13.3:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE ITALY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.  BROKEN OUT BY POLITICAL VIEWS	45
TABLE 13.4:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE ITALY TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.NOTE  BROKEN OUT BY PROFESSIONAL AFFILIATION	45

TABLE 14.1:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE POLAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.	46
TABLE 14.2:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE POLAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	46
TABLE 14.3:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE POLAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT.  BROKEN OUT BY POLITICAL VIEWS	47
TABLE 14.4:	ON A SCALE FROM 1-5 WITH 1 SIGNIFYING "SIGNIFICANT FISCAL CONTRACTION ADVISED" AND 5 SIGNIFYING "SIGNIFICANT FISCAL EXPANSION HIGHLY ADVISED" HOW WOULD YOU ADVISE POLAND TO EXPAND PUBLIC SPENDING IN THE CURRENT ENVIRONMENT. NOTE  BROKEN OUT BY PROFESSIONAL AFFILIATION	47

TABLE 15.1:	IN YOUR VIEW THE GREATER THREAT TO THE EEC ECONOMY OVER THE NEXT TWO YEARS IS DEFLATION OR INFLATION?	48
TABLE 15.2:	IN YOUR VIEW THE GREATER THREAT TO THE EEC ECONOMY OVER THE NEXT TWO YEARS IS DEFLATION OR INFLATION?  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	48
TABLE 15.3:	IN YOUR VIEW THE GREATER THREAT TO THE EEC ECONOMY OVER THE NEXT TWO YEARS IS DEFLATION OR INFLATION?  BROKEN OUT BY POLITICAL VIEWS	48
TABLE 15.4:	IN YOUR VIEW THE GREATER THREAT TO THE EEC ECONOMY OVER THE NEXT TWO YEARS IS DEFLATION OR INFLATION?  BROKEN OUT BY PROFESSIONAL AFFILIATION	48

TABLE 16.1:	OVER THE NEXT TWO YEARS, THE EURO VIS A VIS THE DOLLAR WILL …	49
TABLE 16.2:	OVER THE NEXT TWO YEARS, THE EURO VIS A VIS THE DOLLAR WILL …, BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	49
TABLE 16.3:	OVER THE NEXT TWO YEARS, THE EURO VIS A VIS THE DOLLAR WILL …, BROKEN OUT BY POLITICAL VIEWS	49
TABLE 16.4:	OVER THE NEXT TWO YEARS, THE EURO VIS A VIS THE DOLLAR WILL …, BROKEN OUT BY PROFESSIONAL AFFILIATION	49

TABLE 17.1:	APPROXIMATELY WHAT DO YOU GUESS WILL BE THE DOLLAR/EURO EXCHANGE RATE IN JUNE 2010?	50
TABLE 17.2:	APPROXIMATELY WHAT DO YOU GUESS WILL BE THE DOLLAR/EURO EXCHANGE RATE IN JUNE 2010?  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	50
TABLE 17.3:	APPROXIMATELY WHAT DO YOU GUESS WILL BE THE DOLLAR/EURO EXCHANGE RATE IN JUNE 2010?  BROKEN OUT BY POLITICAL VIEWS	50

TABLE 18.1:	APPROXIMATELY WHAT DO YOU GUESS WILL BE THE DOLLAR/EURO EXCHANGE RATE IN JUNE 2011?	51
TABLE 18.2:	APPROXIMATELY WHAT DO YOU GUESS WILL BE THE DOLLAR/EURO EXCHANGE RATE IN JUNE 2011?  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	51
TABLE 18.3:	APPROXIMATELY WHAT DO YOU GUESS WILL BE THE DOLLAR/EURO EXCHANGE RATE IN JUNE 2011?  BROKEN OUT BY POLITICAL VIEWS	51
TABLE 18.4:	APPROXIMATELY WHAT DO YOU GUESS WILL BE THE DOLLAR/EURO EXCHANGE RATE IN JUNE 2011?  BROKEN OUT BY PROFESSIONAL AFFILIATION	51

TABLE 20.1:	AS A PERSONAL SUBJECTIVE ESTIMATE, HOW DO YOU FEEL ABOUT THE PROSPECTS FOR THE RECOVERY OF THE GERMAN ECONOMY OVER THE NEXT TWO YEARS?	53
TABLE 20.2:	AS A PERSONAL SUBJECTIVE ESTIMATE, HOW DO YOU FEEL ABOUT THE PROSPECTS FOR THE RECOVERY OF THE GERMAN ECONOMY OVER THE NEXT TWO YEARS?  BROKEN OUT BY COUNTRY OR COUNTRY GROUPING	53
TABLE 20.3:	AS A PERSONAL SUBJECTIVE ESTIMATE, HOW DO YOU FEEL ABOUT THE PROSPECTS FOR THE RECOVERY OF THE GERMAN ECONOMY OVER THE NEXT TWO YEARS?  BROKEN OUT BY POLITICAL VIEWS	53
TABLE 20.4:	AS A PERSONAL SUBJECTIVE ESTIMATE, HOW DO YOU FEEL ABOUT THE PROSPECTS FOR THE RECOVERY OF THE GERMAN ECONOMY OVER THE NEXT TWO YEARS?  BROKEN OUT BY PROFESSIONAL AFFILIATION	53
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