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
- 10 things you need to know today: September 2, 2014
- What would a U.S.-Russia war look like?
- The Obama era is over. The presidency continues.
- Scottish independence is another financial crisis waiting to happen
- How American businessmen are ruining American business — and the U.S. economy
- Russia's giant spy ship was a high-tech disaster waiting to happen
- Fall movie guide: All the films you should see in September
- The 10 best networking tips for people who hate networking
- 11 scientific studies that will restore your faith in humanity
- America created the Islamic State of Iraq and Syria? Meet the ISIS 'truthers'
Subscribe to the Week