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Macroeconomic data from the United States improved; blue-chip companies in advanced economies remained highly profitable; China and emerging markets slowed only moderately; and the risk of a disorderly default and/or exit by some members of the eurozone declined.
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That Balkanized condition is exactly what the Eurozone has recently declined into: one combining a common currency (the euro) and a single central bank with the complete absence of uniform fiscal policies at the level of the states.
In fact the dependence of German exports on eurozone countries has actually declined gradually since the introduction of the common currency (44% in 2000, to 41% in 2009).
Business activity in the eurozone continued to decline.
In the eurozone, business and consumer confidence declined for the sixth month.
Production declined across the 18 eurozone members by an average 0.3%, with a return to growth in France and Italy offset by falls in Ireland and the Netherlands and slow progress in Germany, which struggled to 0.2% growth.
February's composite PMI reading for eurozone services and industry indicated activity had declined last month after growing in January.
However, arguably the bigger problem is that the eurozone's trend or potential economic growth rate has declined.
In March, unemployment declined by more than 200,000 people in the eurozone," said Colijn.
The economic malaise afflicting the eurozone deepened in March after figures for activity across all major industries declined, a survey showed on Thursday.
So far this year, the eurozone has been gently declining rather than collapsing.
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