For Euroland, the big picture is that the economy is in its seventh year of depression. On our estimate of a 0.7{2879bc8f2cf0c7badc0ba0b91bc88170008fa0b1cee68ceb4afb7fd46d4bfeb9} contraction in the second quarter, GDP was still 3.2{2879bc8f2cf0c7badc0ba0b91bc88170008fa0b1cee68ceb4afb7fd46d4bfeb9} lower than it was in the first quarter of 2008, when the …
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