Late Q3 and early Q4 saw policy decisions rather than economic data drive news flow. The release of the ECB's Comprehensive Review of Eurozone banks and start of its program to buy private sector assets during this period are two larger examples. Positive as these events are, they are improbable catalysts for significantly stronger economic fortunes. Despite the recent deteriorating economic data flow across much of the Eurozone, the outlook is weak rather than recessionary.
Source : AEW Europe