Hopes that euro-zone policymakers will hatch a new “grand plan” to save the euro-zone may have grown, but evidence is mounting that the region is on the cusp of another deep recession. In November, the euro-zone composite PMI remained well below the theoretical “no change” level of 50 and the equivalent US and UK indices. Meanwhile, the hard data suggests that industrial output is likely to have fallen in Q4 – this would be the first quarterly decline since 2009.