Tenth, global financial market turmoil shows few signs of wreaking significant economic damage directly on the eurozone, where the financial services sector has not been an important driver of growth. Bank lending to businesses remains strong and eurozone consumers' finances, generally, are not over-stretched.

Eleventh, no fundamental flaws have been found in the main engines of eurozone growth (unlike in banking). Economists once questioned whether manufacturing had a future in high-cost Germany, but nobody does nowadays.

Looks like, fortunately, the European economy has resisted the Anglo Disease better than we thought...

"Dieu se rit des hommes qui se plaignent des conséquences alors qu'ils en chérissent les causes" Jacques-Bénigne Bossuet