by Thomas Cooley, Ben Griffy, and Peter Rupert
Second Quarter data for 2015 are now trickling out of Eurostat. What we see is encouraging evidence of recovery for the major producing countries but a continent that is moving apart. Prior to the financial crisis and the Great Recession the economies were largely growing together but the performance since the crisis has been strikingly different. Even leaving out the tragedy of Greece, the economic fortunes of the European partners have been very mixed.
If we focus in on some of the larger economies there is at last cause for optimism about a European recovery…even Spain and Italy have returned to growth in the most recent data, although they remain far below their previous levels.
The so-called PIIGS–the periphery economies–are a different story but also an improving one. Ireland, Spain, and possibly Portugal are showing signs of growth.
Consumption shows much the same…
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Utopia, you are standing in it! 
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