Europe desperately seeking growth

Has the European recovery stalled or just been delayed? In theory, rapidly receding inflation should have revived consumer spending as households gain purchasing power and no longer have any reason to maintain such high precautionary savings. The first interest-rate cuts should also have spurred capital expenditure. To date, however, there has been no sign of such positive developments. At the start of the year, the eurozone emerged from the quasi-stagnation it had been vegetatin...