Recession has returned to the eurozone for the second time since the financial crisis began in 2008. The region’s GDP fell by 0.1 percent in 2012’s third quarter, which followed a 0.2 percent contraction in the previous three months.

Mario Draghi, president of the European Central Bank, has been warning that emergency measures taken by the bank have given leaders time to resolve the crisis. At a talk at Bocconi University on Thursday, he assured listeners that in the absence of action, the current calm could not last forever.

— Posted by Alexander Reed Kelly.

The Guardian:

Leaders must take advantage of the lull to dispel once and for all the uncertainties that hang over the single European currency, he added.

Here’s Draghi’s key quote:

“With the ECB unconventional measures, we have been able to steady the course…We have gained precious time, but this is not infinite.”

It’s now almost four months since Draghi declared that the euro was irreversible. He must be frustrated that little has been achieved since.

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#austerity#capitalism#european central bank#eurozone#recession