In the 25 years before the Great Recession of 2008-2009, the United States experienced two brief, mild recessions and two strong, long expansions.Globally, incomes grew briskly, inflation abated and stock markets boomed.

Though the Greek crisis has been placed on pause, the economic situation in Europe remains bleak. Eurozone growth is up slightly from its near-recession levels of a few months ago, but projections by the International Monetary Fund for 2015 and 2016 barely exceed 1 per cent. Un

Economic news is grim all around the world.

Many Europeans have come to believe that they have weathered the economic and financial storm. In the last two years, deficits and debt have stabilised. Yields on the sovereign debt of the eurozone periphery’s weak economies have fallen sharply.