An economic depression may be in the eye of the beholder

A depression isn't a precise term, but it generally means "a long period of exceptionally weak activity—a big recession that an economy takes years to recover from," says Simon Tilford, of the CER.

It is the longevity of Europe's slump that is leading some analysts to talk of a depression. "Europe is now in a depression if one considers that output is still considerably short of where it was in 2007," Mr Tilford says.

"It doesn't feel as bad, because we're richer today," Mr. Tilford says. But the most worrisome thing, he says, is that the worst is yet to come in the eurozone: "There is still no light at the end of the tunnel."