Back to 2005?
The US economy is at a near standstill, growing 0.6% in the first quarter primarily because of inventory accumulation, which is a problem in itself. The Eurozone is rapidly decelerating too, back to levels not seen in some countries since 2005. FT:
The European Commission’s eurozone “economic sentiment” index has fallen sharply from 99.6 in March to 97.1 in April – the lowest level since August 2005. With the indicator regarded as good guide to growth trends, the unexpectedly steep decline pointed to a marked deceleration in economic activity…
eurozone countries show varying performances. Economic sentiment in Spain, which is at risk of a serious house price correction, has fallen to the lowest level since late 1993. But sentiment in Germany and France remains relatively robust – falling to the lowest levels since February 2006 and December 2005 respectively.
2005 isn’t a long time ago, but you might be a little surprised just how bad things were in much of the eurozone in that year.