And on the positive side, the euro area will enter 2020 with lots of so far unused fiscal ammunition, as Germany once again delivered a smaller than expected stimulus and will end the year with a larger than expected surplus. 
Seriously, if not now, then when? EA growth has clearly slowed.
And a detailed disaggregation that adjusts for Irish distortions would show that the slowdown is primarily because the pace of domestic demand inside Europe has slowed.
ft.com/content/198f07…
And a detailed disaggregation that adjusts for Irish distortions would show that the slowdown is primarily because the pace of domestic demand inside Europe has slowed.
ft.com/content/198f07…
Even with a weak domestic economy, Germany's central government posted a record budget surplus -- and the general government surplus is expected to top 1.5 pp of German GDP
thelocal.de/20200115/curta…
thelocal.de/20200115/curta…
So, on the bright side, there is a lot of remaining scope for stimulus even within the euro area's (overly) restrictive rules ...
