Krugman’s latest piece over at the NYT draws the comparison of Europe’s recovery since the ’08 GFC versus the Great Depression, and yes its rubbish in comparative terms. So the bulls will say “hey at least things are getting better” whilst the bears will counter “but it’s still awful considering the xx.xx billions of euro’s that have been pumped into the system!”

Lets just recognise the fact that most of Western Europe is expensive, old, and far too many regulations deter businesses from starting or expanding and unless there is a drastic change in the way anything can be conducted there, their numbers will never look good.

Source: NYT