Blog

The eurozone has slipped into recession for a second time in four years, as the sharp fall in activity in debt-ridden southern Europe economies weighed on output across the region.

Eurostat's first reading of gross domestic product for the three months ended in September showed a contraction of 0.1% in the eurozone, after a decline of 0.2% in the second quarter -- confirming the 17-nation currency area is back in recession for the first time since 2009.

Efforts by governments and households to reduce debt, rising unemployment and uncertainty over the fate of weaker members of the eurozone are depressing activity.

Leading economies Germany and France managed to eke out modest growth, but the pace of German economic expansion slowed to 0.2% in the third quarter, from 0.3% in the second, confirming evidence of a deceleration seen in export and industrial production data.

France delivered a positive surprise, posting growth of 0.2% compared with expectations for a flat performance. But Italy remained stuck in recession and economists warned that the near-term outlook for the region was poor.

"Today's GDP figures clearly demonstrate that the eurozone economy as a whole is in desperate need of macroeconomic stimulus," ING economist Martin van Vliet said Thursday.

"With policymakers seemingly reluctant to engineer a coordinated pull-back from fiscal austerity, more monetary stimulus and a weaker currency is likely to be needed to put the eurozone back on a path of sustained growth," he added.

Pressure on prices in the eurozone is easing, Eurostat data showed. Annual inflation in October was 2.5%, compared with 2.6% in September.

The European Central Bank last week held interest rates at 0.75%, citing balanced risks to inflation, but acknowledged there was a risk growth would be downgraded and underscored it stood ready to use the full range of monetary policy instruments at its disposal.

http://www.notaryengland.co.uk

http://www.lowryllp.com

Wilfried Zaha will come off the bench tonight to make his England debut, Sportsmail has learnt. Roy Hodgson will hand the 20-year-old Crystal Palace winger his first cap providing no significant injuries derail his plan. The England starting XI will feature three debutants before Zaha is unleashed on the Swedes in Stockholm. Tottenham’s Steven Caulker, 20, will make his debut alongside Gary Cahill in the heart of Hodgson’s defence with Leon Osman and Raheem Sterling marking their first starts their own unique milestones.

Sterling who, at 17 years and 332 days, will be the third youngest England player since the end of the 19th century. Only Theo Walcott and Wayne Rooney were younger on debut and Sterling will take his bow in a Stockholm district where another 17-year-old made his name in 1958. Osman, meanwhile, will be the third oldest debutant since 1954, after Kevin Davies and Steve Bould. Pele lit up the World Cup final at the Rasunda Stadium, the original national stadium in Solna which is about to be demolished and has been superseded by the 50,000-seat Friends Arena where England take on Sweden for the third time in a year.

Inside, the stadium is immaculate, although the pitch was only rolled out five days before Hodgson’s team trained on it last night. Outside, there is plenty of work to do and the area is dominated by towering cranes, stacks of containers and hard-hatted workers. As the construction continues, Hodgson expands his team-building programme. A sign beside the stadium indicates that controlled explosions may occur and thoughts turn again to Liverpool starlet Sterling.

Hodgson, briefly acquainted with the winger thanks to his time at Anfield, said: ‘In some of the games, he has been pretty much a star player for Liverpool and extremely dangerous with his ability to run with the ball, his pace, his directness. He has even scored one or two important goals.

‘Steven Caulker and Raheem have been playing regularly for the Under 21s and have made that transition. Leon Osman is the odd one out, he’s a bit different. He has been performing regularly and well for Everton but has been passed over. I thought it was time to give him a chance because he has been one of the unsung heroes of a very good football team for many years.’

http://www.lowryllp.com

http://www.notaryengland.co.uk