by Thomas Cooley, Ben Griffy, and Peter Rupert
Fourth Quarter data for 2015 were released this morning by Eurostat. As usual the details for individual countries are lagging behind but the larger picture is clear: the economic recovery in Europe is progressing more slowly than policymakers had hoped, but there are signs of promise. The EU 19 Countries grew at a combined rate of 0.3% which means that the EU grew at roughly 1.5% for the year just past. This is not a hugely encouraging outcome given the aggressive stimulus of the ECB, and the efforts that have been made to improve the soundness of their banks and unify the banking system. But Europe has been beset by terrorist attacks and a refugee crisis as well as a difficult economic environment elsewhere in the world, so slower than expected growth is perhaps not surprising.
As has been true for some time…
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Utopia, you are standing in it! 
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