BNP Paribas is out with a note about Eurozone titled “The Great Deterioration,” which is a name we think that might really stick.
We’ve been talking a lot about how bad things are in Europe lately. The economy is in the toilet, and political forces are pulling the various countries apart.
But Europe’s problems aren’t exactly new.
In the note, BNP Paribas charts the long decline of Eurozone productivity growth, and the results are really eye-popping.
Italy is the real dog of the bunch, and that’s not surprising, given that they have experienced a triple digit recession. But the numbers are on the decline pretty much everywhere, and there’s no obvious reason why the trends would improve.