Italy Is Sick

If you hear the phrase “sick man” and “Europe” in a sentence, then you probably expect to hear “France” mentioned very soon.

But increasingly that honour ought to be awarded to Italy.

In December, Industrial Production plunged 0.9% vs. expectations of no change.

Via Fast FT, here’s a chart of shriveling Industrial Production.

This is far from the only number that’s been bad.

According to Markit, both the Italian Service and Retail sectors are in contraction (Manufacturing is doing better).

So when will the ECB act?

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