Eurogroup chief Jeroen Dijsselbloem has said that he can see no Eurozone recovery until the end of the year. You have to wonder if he's talking about the same year as the rest of us. The currency union's nations are dealing with large sovereign debts and youth unemployment levels. It is hard to see where growth might come from. Our economics reporter Ben Southwood on yesterday industrial production numbers:
Italian industrial production fell 0.8 per cent in February, official data body Istat said, to put it 3.8 per cent down on the same month in 2012, after adjusting for changes in the calendar.
Spanish industry was hit even harder, with output 8.5 per cent lower in February 2013 than a year before, according to its official statistical institute Ine.
And though French industry managed to up activity by 0.7 per cent between the first and second months of the year, according to Insee numbers, output was still 2.8 per cent below where it stood in February 2012.
Earlier German chancellor Angela Merkel said that Europe can't be a "constant irritation" to the rest of the world.