All data now points to a decline in GDP for the EU. That will make coming to a deal to fix the EU economics all the more difficult. This will be the first decline since the 2009 recession.

The Euopean commission says that consumer confidence fell to a 2-year low in October. EU statistics Agency, Euro Stat sholwed that the household savings rate is going up. No one is spending money.

The result? The ECB is going to meet this coming week to cut the interest rates.