Weakening outlook fuels growth calls

The growing calls for euro-zone policymakers to shift their emphasis from austerity to growth have been fuelled by the continued deterioration in the outlook for the economy. Key forward-looking activity indicators have now fully reversed the modest improvements seen earlier in the year and once again point to recession across the region. With no improvement on the horizon, the growth calls are likely to get louder still. But it is far from clear that they will prompt effective action.