SPEU - European And Eurozone Manufacturing PMIs - That Economy's Still Shrinking
European manufacturing is definitely in the doldrums
We have the PMIs for various European manufacturing sectors and, barring Greece and France, they're all in contractionary territory. Of course, the one that matters is Germany, and that's been in at least technical recession for months now.
There's not a great deal that monetary policy can do about this, given that rates are already at rock bottom, and bond purchases by the ECB are limited by the supply of German Bunds. There's unlikely to be any relief from that source therefore. Coordinated fiscal action is also unlikely.