It always looks dark at the bottom of a recovery.
Global stocks bottomed in June 1921, but global economies didn't hit bottom for fully two more years.
To call this a recovery is an insult to recoveries.
Chinese experts noted that the U.S. economy has rebounded from the 2008 crash more strongly than some analysts here had expected, while China's own growth is slowing after several decades of rocket-ship acceleration.
I don't think that the ECB should compensate for the lack of reforms in some countries... But it is clear that monetary policy can help countries and continents to rebound faster.
Three years after the four deepest previous recessions began - in 1953, 1957, 1973 and 1981 - employment was on average 4.7% higher than the pre-recession peak.
Having lost the last war, they are currently enjoying a "Wirtschaftswunder," which can be briefly translated as "The best way to own a Mercedes is to build one."
