Tentative signs of Q4 growth pick-up

After the further slowdown in euro-zone GDP growth in the third quarter, more timely survey indicators such as the composite PMI have offered tentative evidence of a renewed acceleration in Q4. Nonetheless, growth prospects remain sluggish at best, while inflation pressures in the currency union remain very subdued. Accordingly, the news on the economy strongly supports the case for additional monetary stimulus by the European Central Bank at its December policy meeting.