Here a reasonable report from the Barcap team on the macro econ front.
Barcap-QuarterlyMacro-FocusEurope-Q413
I must say its the usual tinted optimistic view on the Euro economy. After 4 long years, its true, the de-leveraging cycle seems to at least be pausing in the euro area but at what stage in the global business cycle are we now? Europe appears to be flat lining rather than declining just as world demand appears to be rolling over? In any case until Europe resolves its banking union one and or the ECB’s legality of its “OMT”s its hard to foresee European growth changing much. In my view. The good news is that its money supply appears to be stabilizing, at least.
All the best
Rich