The severity of the slump in European manufacturing is displayed dramatically in this chart of the region’s industrial production from the end of 2003. The decline was precipitous in the immediate aftermath of the 2008 global financial crisis. While factory output in both the 17-nation euro zone and the full 27-member E.U. had recovered to 2006 levels by the second half of 2010, the continuing euro debt crisis reversed the revival in the second half of 2011. It has now again contracted to below end-2003 levels, and threatens a lost decade for Europe’s manufacturers. The data are compiled by Eurostat, the E.U.’s statistical agency.