Op-ed: Another disastrous quarter for the EU

The PMI indicator that tracks the behavior of Spain's manufacturing industry cast some dark clouds over Europe. The view worsened for all EU countries, including Germany, who dropped below the critical 50 point level.

The problem is particular to Europe, because the United States recorded a 53.4 point PMI and 32 months of growth. China, against all predictions, scored its all-time high 53.1.

Spain's PMI was 44.5 points, which proves that the crisis has deepened and suggests that productivity will continue to fall in April. At this level, Spain is in the next-to-last position in Europe above Greece.

Embarrassingly, we have the highest unemployment rate in Europe. Because mere medicines are not working, we ought to turn to surgery.