Is the euro-zone recovery over already?

Last week's euro-zone economic data added to the growing weight of evidence that the fledgling recovery in the currency union - which only really got going a year ago - is already running out of steam. Key surveys like the PMI, EC survey and German Ifo all fell. While such indicators don't suggest that the recovery is over (yet), they cast further doubts over whether it will gather the pace required to eliminate the risk of deflation across the region and allow the indebted economies to achieve their fiscal consolidation objectives.