Tuesday's purchasing managers' surveys are expected to confirm the 'flash' estimates, which showed the region's economy unexpectedly falling back in March. This not only suggests that the first-quarter's fall in GDP will be deeper than feared, but also casts doubt over whether the hoped-for recovery in the second quarter will happen.
The bad news isn't confined to the south. Although German factory orders on Friday might show a bounceback after January's fall, the trend is for stagnation rather than recovery.
However, retail sales for the region might be a little brighter. This could show only a slight dip after a surprisingly large rise in January, consistent with them growing in the quarter.
The eurozone's weakness is hurting the UK. Purchasing managers' surveys on Tuesday could show that manufacturing output shrank in March, due in part to weaker exports. However, such surveys should also show that service sector activity is growing, which might have prevented GDP falling in the first quarter.
We might see a recovery in credit growth next week. The Bank of England might report on Tuesday that growth in consumer borrowing is actually accelerating, and perhaps that non-financial companies were net borrowers from banks in February for a second successive month. That would suggest that the long repayment of debt might now be over. Yes, companies are increasing their cash deposits quite quickly - but this could be a predictor of economic recovery.
There will also be signs that the eurozone's slump is hitting the US, as Friday's figures could show that the trade deficit there is widening, in part thanks to weak exports to the eurozone. This would suggest that net trade is likely to have subtracted from GDP growth in the first quarter.
Luckily, though, the domestic economy might be gathering steam. Monday's ISM survey could show that manufacturing growth is actually accelerating, while Friday's numbers could show that the economy created a net 200,000 jobs in March. However, the headline unemployment rate, at around 7.7 per cent, will still be way above the level traditionally considered consistent with stable inflation, and a wider measure of joblessness - which includes the 'inactive' who want to work and part-timers who'd like a full-time job - will show that one in seven Americans are either out of work or not working as much as they'd like. This is why the Fed will keep monetary policy loose for some time.
The Bank of England, however, is not likely to change policy on Thursday. Last week's news of a rise in retail sales and in manufacturers' output expectations is likely to reinforce the opinion of the majority of MPC members that more quantitative easing is not necessary.
