SIGNS are multiplying that the euro area is at long last making a robust recovery. Most large economies turned in a strong growth performance in the first quarter of 2014. The Spanish economy roared ahead at 0.9% while France grew 0.6% from the prior quarter. Overall the euro area grew by 0.4%: the best performance in four years and a touch faster than euro-sceptical Britain. The unemployment rate, though still high at 11.3%, has come down from crisis highs. And the euro area's deflation scare may be subsiding; in April inflation rose back to 0.0%. Why is the euro area recovering?
