After four quarters of low growth, the fragile economic recovery in the 18-country eurozone creaked to a halt in the second quarter.
Now who will get out and push? The European Central Bank, with a further monetary stimulus? Or governments in France and Italy, which have dragged their heels in making their economies more business-friendly?
Either or both could help. Especially if the Ukraine crisis mushrooms with a Russian invasion that would scare off business investment even more — and extend one bad quarter into an outright recession.