The 19-country eurozone, the core of Europe’s economy, grew at an annual rate of 1.1 percent in the last quarter of 2015. But total economic output remained just slightly lower than when the global economic crisis began, in 2008.
Gross domestic product in Italy — the eurozone’s third-largest economy — rose by just 0.1 per cent in the fourth quarter, missing economists’ expectations of a 0.3 per cent increase and raising concerns that the tepid return to growth that begun in 2015 after three years of recession is already fading.
“Italy is struggling to emerge from the great recession and despite some encouraging signs in the first part of 2015, growth lost momentum in the second half,” says Lorenzo Codogno, a visiting professor at the London School of Economics.
That is why I do not understand the common view that the eurozone crisis is over. Greece, by the way, has returned to a state of recession.