Macro observers do not seem to be worried by the European slowdown just yet. However, across the data which constitute our Eurozone Growth Nowcaster, only about 30% of it has been improving over the past year (as indicated in the chart by our diffusion index). We believe there are more risks in the region than people are generally assuming. In particular, the lack of fiscal union and the high government debt levels of its most vulnerable members will make it difficult to deal with the slowdown already evident in some of its key economies.
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