The Eurozone appears to be behaving in the mirror image of what it did during the crisis.
Some of the hottest economies are peripheral ones, like Spain (which was an utter basket case during the crisis). While “core” Europe is weak.
The latest on the weak core Europe is Germany, where today’s industrial production number came in well below expectations, falling 1.3%.
This chart from Pantheon shows the flagging German economy.
Conspiracy theorists might note that the German weakness just so happens to coincide with the ECB finally acting (in recent months) to ease monetary policy after a long period of doing nothing.