As German Chanellor Angela Merkel and Italian Prime Minister Enrico Letta look into the future, are they squinting at a bright recovery? More likely, wincing. - 

For the first time in history, the 17 nations that use the euro are headed for two years of back-to-back recession, according to the European Commission.

Marketplace's Stephen Beard joins Morning Report host Jeremy Hobson from London with the latest.