Pacing through the ECB Economic Bulletin striking chart on the $EUR. Only risen against v out-of-favour EM FX!
Despite a weak $EUR recent net export contribution to growth low. Why? Due to weak global economy due strong $USD etc
Picking up this lack of investment spend it really has lagged...
...and it is striking versus previous recessions how bad current investment levels are:
And why is this? Really interesting to see that poor outlook and labour regulations cited as being influential for those international investing companies.
In short...the need for supply side reform in Europe is very clear to me. Otherwise lower investment levels if further sustained naturally lead to a continuation of the disappointing regional growth levels.