Triple threat to eurozone recovery

FEW would have predicted the euro area would grow faster than the US and newly re-energised Japan at some point this year, yet that’s what happened.

High taxes and stifling regulations notwithstanding, the 12 nations sharing the euro have shown signs of economic life.

In the second quarter the economy expanded at its fastest pace in six years — 0.9% compared with the first three months. It was the first time since late 2001 that Europe’s economy had outpaced the US, which grew 0.6%.