Europe’s green shoots wither away

The eurozone's latest data shows the region needs more help than a rate cut. It may be time to settle in for a European depression.

It is never really clear what the real world difference is between a recession and a depression. There are cute textbook definitions but these mean nothing in the real world, particularly as news out of Europe overnight suggests that its economic performance is so poor, that it must be near a depression.

The economic news from the eurozone has seen it retain its position as a card carrying member of the low inflation club, while it has unfortunately locked in its almost exclusive rights to the guild of job destruction and record high unemployment.

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