Euro zone inflation fell to 5.3% in July, below the European Central Bank's 2% target, while core inflation remained at 5.5%. The Euro Zone Economy showed resilience in the second quarter, with GDP growth of 0.3%, higher than expected. However, economists still fear a recession, with Andrew Kenningham of Capital Economics saying that the second-quarter growth figures give a misleading impression of the underlying strength of the economy. France and Ireland performed well, while Germany failed to post any growth. Overall, the risks for the coming quarters are seen as downside.

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