Financial information company Markit has issued a grim warning for the Eurozone as it enters 2015. In its survey of business activity it found the Eurozone’s major economies, Germany and France performed poorly. If this weakness continues it will hamper nations like Ireland and Spain, struggling from the economic malaise of the Global Financial Crisis.

The survey also pointed to renewed concerns over the future of Greece’s inclusion in the Eurozone and a real fear of deflation in the coming year. The Markit report says these concerns were exacerbating the fall in oil prices and putting unwanted pressure on an already weakening euro.

Markit’s business activity survey reported the Eurozone grew by a trifling quarter of one per cent in January. This rate had grown to a lackluster 0.1 per cent in the final three months of 2014.

Markit’s chief economist Chris Williamson said, at the report’s release, “The Eurozone will look at 2014 as a year in which recession was avoided by the narrowest of margins,. But the weakness of the survey data suggests there’s no guarantee that a renewed downturn will not be seen in 2015.”

Stronger economies like Germany, France, and Italy were under-performing and threatening to take the rest of the region down with them.

The president of the European Central Bank (ECB), Mario Draghi, has already hinted that the central bank could, if called upon, step in to buy bonds to prop up ailing economies.

Many financial experts expect him to do just that after the ECB monetary policy meeting on January 22.


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