Euro zone: Recession awaits

T he euro zone seems to be recovering quite rapidly from the fall in activity brought about by the lockdowns. But all signs point to a recession ahead (and not a mechanical fall in production li k e in the second quarter of 2020) under the effect of : J ob losses and the permanent problems facing some sectors; E xcessive corporate debt and mounting bankruptcies; A contraction in corporate investment, as companies try to shore up the structure of their balance sheets; A wage freeze and offshoring to low-wage countries.