Stalled recovery leaves Europe defenceless against economic shock from Russia

``Europe's economic recovery has stalled. The EMU policy elites took a fateful gamble that global growth alone would lift the eurozone off the reefs, without the need for serious monetary stimulus or a reflation package to ensure take-off velocity. Their strategy has failed... Stagnation is automatically causing debt ratios to spiral upwards yet again across a large part of the currency bloc. ''