In Europe the recession is just beginning

Europe had "catastrophic" 4th quarter: EU Verheugen
BERLIN (Reuters) - The European economy is sliding deeper into recession and the fourth quarter of last year was "catastrophic," European Union Industry Commissioner Guenter Verheugen said on Sunday.
"The figures the European Commission will present next week will, unfortunately, show that we have slipped deeper into recession," Verheugen told German radio DeutschlandFunk.
"The last quarter of 2008 was catastrophic in every respect."
It was unclear whether he was referring to the euro zone or the wider European economy. The European Commission is due to present its forecasts for the euro zone next week.