"The European economic recovery was interrupted." The verdict of the European Commission, which presented on Thursday its autumn forecasts for 2011-2013, is categorical. According to Brussels, all signals of the economy are red. "The sharp drop in confidence hinders investment and consumption, while the slowdown in global growth reduces export and fiscal consolidation to operate emergency weigh on domestic demand." Accordingly, the Institution provides a low growth for the EU in 2012, about 0.6% against 1.9% forecast last spring. In the euro area, GDP is expected to show a slight increase of 0.5%.

The return to growth, albeit slow, is scheduled for 2013 (1.3% in euro area and 1.5% in the EU). Unless additional shock …

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