The Eurozone's recovery from the pandemic is already showing signs of flagging, even before it meets the economic storm clouds heading its way.

The danger of a recession loomed into view this week after Russia halted gas flows to Poland and Bulgaria, offering a foretaste of what the region might have in store. But even without the energy rationing such a move might provoke, the outlook looks ominous, underscored by weaker-than-expected growth reported Friday.

European Central Bank (ECB) chief economist Philip Lane insisted after the data was released that there's "still a lot of momentum" in the recovery.

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