ECB gets green light on stimulus as half of eurozone contracts

The data out of the eurozone this morning were below expectations. Growth in Q1 was up just 0.2% versus an anticipated 0.4% pickup. Much of this growth came from Germany, as many countries in the eurozone saw no growth or contraction. This is the final piece of data that will give the ECB a license to ease – and ease aggressively.
Yesterday, I outlined the ECB’s options, noting that in Q1 “the industrial production number is another figure showing sluggish growth at best.” The point here was th...


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