ECSC financial report 1981

Abstract

While scarcely over the effects of the second oil shock of 1979-80, the Community economy in 1981 had to contend with two adverse factors: the strong appreciation of the dollar and the con-comitant rise in interest rates throughout the world. As a result, activity was more sluggish than had been expected. The slackening which first appeared in the second quarter of 1980. went on for longer than expected. For the first time since 1975 economic activity in the Community fell away in 1981.