Developers smiling, while constructors frown

At the beginning of September the central banks of the eurozone and the US announced that they were finally taking decisive action. The European Central Bank, directed by Mario Draghi, decided to launch an unlimited government bond buy-back programme in exchange for a country committing itself to implementing a savings plan. This means that the bankruptcy scenario looming over the countries of the southern Europe has been put off for the present. It is perhaps arguable whether this fiscal consolidation, which involves granting unlimited help to countries threatened with insolvency, is the right thing to do; but on the other hand, the ECB's strategic announcement could lift the mood on the global stock exchanges for some time. However, it could turn out that as the problem of indebted governments recedes, investors will focus instead on the real economy, the health of which does not look encouraging. According to the ECB, the recession in the eurozone is expected to amount to 0.4 pct of