April 2009 marked a clear trough in industrial production, following the peak in January 2008.The Eurozone has been it hard and in many ways by the Global crisis.Identifying recessions is crucial to guiding policymaking.

The recession lasted 6 quarters and the total decline in output from peak to trough was 5.5%.

In both recessions and expansions, brief reversals in economic activity may occur-a recession may include a short period of expansion followed by further decline; an expansion may include a short period of contraction followed by further growth.

The Committee applies its judgment based on the above definitions of recessions and expansions and has no fixed rule to determine whether a contraction is only a short interruption of an expansion, or an expansion is only a short interruption of a contraction.

Jeffrey Frankel, a professor at Harvard University's Kennedy School of Government, previously served as a member of President Bill Clinton’s Council of Economic Advisers.

He directs the Program in International Finance and Macroeconomics at the US National Bureau of Economic Research, where he is a …