I have yet to see the detailed summary figures, and we still have to go through a couple of revisions, but Eurozone growth (Euro 17) failed to expand year on year and quarter on quarter.
While it is hard to define on a technical basis just what the current growth profile is, I am sure most would agree that a simple recession would be the least of our worries. The “two quarterly declines in GDP” heuristic that most use to define recession is, in reality, overwhelmed by the larger period of economic distress (depression) that has been ushered in post 2007.
A simple recession brought about by monetary or fiscal tightening, and/or inventory adjustment and cut backs in fixed capital investment, would have been much easier to wipe off the brow. We remain, as we will be for some time, in an intense period of adjustment, with problems of a magnitude that make those once very large hills seem like valleys from the mountain top view.