Ever so slowly, the eurozone economy awakes

London

MORIBUND. Decrepit. Sclerotic. Popular words to describe the economy shared by the 19 countries of the eurozone - but perhaps no longer apt.

Very slowly - and primarily because of massive stimulus from the European Central Bank - the eurozone is showing signs of recovery. It is a dawn that policymakers are struggling to nurture into broad daylight.

It also may not be felt equally across the board, viz Spain and Greece's unemployed versus Germany's busy builders.

But putting aside for the moment that the eurozone's nascent recovery is happening just as China is wobbling and financial markets are unhinged, the nu…