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  The Renewal and Weakenesses of the American Economy Cycle USA
Registration is required to attend the meeting  
15 June 2004
The US economy still has the capacity to surprise. From 1993 to 2003, US GDP growth was on average more than one percentage point faster than Europe's. The slowdown in 2001 has rapidly given way to expansion, while growth has continued to be very sluggish in Europe. The American economy appears therefore to be both more dynamic in the long term and more reactive in the short term. However, such growth is grounded on increasing disequilibria, notably spiralling public deficits, which are accompanied by weak private savings. These imbalances have led to a massive current account deficit, which has been successively financed by European direct investment and the intervention of Asian central banks. The latter is now reaching its limits, and the future financing of America's imbalances is more uncertain than ever, even if, from a simplistic point of view, the return to strong growth may be a source of new attractiveness for foreign capital. This first meeting by the CEPII's Business Club on the United States will look at the present performance of the economy and its short-term outlook. It will be followed by a debate on the prospects for macroeconomic policy and especially the outlook for public finances and the possible rise in interest rates. American and European views will be compared, concerning US economic weaknesses, and the consequences of US economic policy on the world economy.

5-7 pm

French Planning Agency
Laurent Degioanni   Economist, Research and Strategy Department, CDC-IXIS Asset Management Speakers
Thomas Laubach   Economist, Research and Statistics Department, OECD and Federal Reserve Board  
Vladimir Borgy   Economist, Department of Forecasting and Economic Analysis, French Ministry of Economy, Finance and Industry  
Olivier Garnier   Director of Strategies and Economic Research, Société Général Asset Management
Agnès Bénassy-Quéré   Deputy Director of the CEPII Chair