The Eurozone looks set to remain in the doldrums until at least the end of next year according to the European Commission.
There is light at the end of the tunnel however with expectations looking to improve in 2014.
The Sovereign debt crisis, the long-term viability of the eurozone and problems in the banking industry are all contributing to the negativity.
Olli Rehn, is the Commission vice-president for Economic and Monetary Affairs:
“Europe is going through a difficult process of macroeconomic rebalancing, which will still last for some time. Market stress has been reduced, but there is no room for complacency”.
More bad news for Spain its economy is due to contract further something for ECB President Mario Draghi to consider ahead of the banks November policy meeting.