Down so long that it looks like up

"Policy-makers have a strong interest in the current strategy's appearing to work", said Simon Tilford of the CER. "Even the faintest glimmer of hope is interpreted as a sign of recovery." But Mr Tilford said it was clear that Europe was already trapped in the same kind of doldrums that becalmed Japan for several decades. "There's a surreal debate going on that if we don't do A,B or C there's a risk Eurpe will be like Japan", he said "If you look at the data for the last six years, Europe is already worse."