Europe's economic expansion slowed

Euro-zone GDP increased just 0.4% in Q4 2007, down from 0.8% in Q3 2007, according to the European Union announced.

European economic expansion cooled
in the fourth quarter as the U.S.-led global slowdown curbed export
demand and soaring food and energy costs undermined consumer
spending.
Many economists believe Eurozone growth has now peaked
and the European Commission will likely confirm that next week with a
growth forecast of nearly 2% for 2008. The credit crisis crunch has
also exacerbated slowing growth, making banks more reluctant to lend
to customers, businesses and each other.