The primary example of globally synchronized growth has been Europe. Nowhere has more hope been attached to shifting fortunes. The Continent, buoyed by the persistence of central bankers like Mario Draghi, has not just accelerated it is actually booming. Or so they say.

Last September, politicians were lining up to confidently declare as much, often deploying that specific word.

When Jean-Claude Juncker gave his annual state of the union speech on Wednesday [September 13, 2017] last week, Europe's booming economy was near the top of his list. Ten years since the crisis struck, “Europe's economy is finally bouncing back,” the European commission president told MEPs. Detailing the economic resurgence, but also referring to the EU's newfound unity after Britain's vote to leave, Juncker declared: “the wind is back in Europe's sails”.

A huge part of inflation hysteria was the aftermath of hurricanes Harvey and Irma boosting economic stats in the US, but even more than that it could be traced to these kinds of glowing assessments about the European economy. After all, more than any other place in the world (outside of, of course, Japan) Europe has for a very, very long time represented the true dark side. Its tendency toward continued weakness was more pronounced than anywhere else.

Therefore, to finally break out would really mean something. If it was true.

Even at that apparent apex last year, Real GDP never really did manage all that much acceleration. Quarterly growth didn't once break above 0.75% (Q/Q quarterly rather than annual rate), a rate that used to be common. It was more the promise of acceleration, the extrapolation of 2017's small increase into something better that tempted the hysteria.

Q4 2017 GDP disappointed when it didn't do that, and then last week Eurostat reported Real GDP only gained a paltry 0.42% in Q1 2018. It was more like the bad days of the last downturn and nothing like Juncker's bravado, a gut punch to markets perhaps growing a little too fond of the confidence.