The judgement of the Committee is that, although the Eurozone’s GDP has not been shrinking since 2013Q1, the growth rate and the improvement in the labour market have been so anaemic that if output were to start contracting in the next few quarters this would not constitute a separate, triple-dip recession but rather the resumption – after a brief ‘recession pause’ – of the second post-financial crisis recession that began after 2011Q3. If the current weak recovery endures, 2013Q1 might well end up being labelled a business cycle trough. This would not be good news, as this is not the kind of expansion anyone wishes for. Economic times in the Eurozone are bad. They are bad if we are still in a recession, but they might be worse than we feared if this is what expansion looks like in the Eurozone.