Clearly confidence-instilling newsflow from the euro area today:
"Euro area annual inflation is expected to be 2.6% in August 2012 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 2.4% in July."
ECB is expected to downgrade EZ growth forecasts once again, per this report.
"The euro area (EA17) seasonally-adjusted unemployment rate was 11.3% in July 2012, stable compared with June. It was 10.1% in July 2011. The EU27 unemployment rate was 10.4% in July 2012, also stable compared with June. It was 9.6% in July 2011." So the contagion to EU10 from EA17 is now feeding through.
And a scarier chart on youth unemployment via ZeroHedge:
And two charts to remind you where we are heading:
All of which is pretty much summarized in another blog post on euro area growth, here.