Eurozone needs structural expansion policy

Although being stimulated by all means, the eurozone economy has not shown any sign of recovery. On the contrary, manufacturing shrank for the first time in the past two years, while the latest Purchasing Managers Index, an indicator of the economic health of the manufacturing sector, also fell below 50, the lowest since 2009, and a sign of contraction.

Considering the situation, ratings agency Standard & Poor's has issued warnings about a possible second wave of recession.

The global economy is not faring much better. According to Martin Wolf, chief economics commentator at the Financial Times, we are entering "the second great contraction" the Great Depression of the 1930s being the first. If history repeats itself, a long recession means stocks collapse, consumption declines, unemployment rises and social turmoil is possible.