The US sneezes and the Eurozone catches a cold: The Eurozone has been infected by the US slowdown (Alberto Caruso, Thomas Hasenzagl, Filippo Pellegrino, Lucrezia Reichlin, VoxEU)

Recent data releases related to the Eurozone have been disappointing. This column argues that momentum from the long-delayed 2014-15 recovery is faltering because the Eurozone economy is affected, with a lag, by the US slowdown. The traditional, lagged relationship between the EZ and US business cycles – which disappeared in the aftermath of the Global Crisis – is now reasserting itself.

http://www.voxeu.org/article/how-eurozone-has-been-infected-us-slowdown