The eurozone has fallen into its second recession since the worldwide financial crisis hit in 2009, the EU's statistics office reported on Thursday. The total economic output of the 17 countries that use Europe's common currency declined by 0.1 percent in the second quarter, as production in the region's powerhouse, Germany, slowed. That marked the second straight quarter of contraction for the eurozone's $12 trillion economy, which meets the official definition of a recession. Some economists say the double-dip recession was "self-made," caused by "excessive austerity" in struggling countries such as Greece and Spain, while others say tax hikes and spending cuts are necessary to keep ballooning government debts from doing even more damage.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- The U.S. is about to sell weapons to Vietnam. That's bad news for China.
- What the Middle Ages can tell us about the GOP's big charity myth
- Why is the Pentagon stuffing caves in Norway full of tanks?
- The most sensible GOP alternative to ObamaCare comes from a Senate candidate who is almost sure to lose
- 10 things you need to know today: October 23, 2014
- When Khomeini said no to Iranian nukes
- 43 TV shows to watch in 2014
- Did the media get Ferguson wrong?
- The one thing the New Atheists get right about religion
- How to be the most productive person in your office — and still get home by 5:30 p.m.
Subscribe to the Week