Update December 2015 of the Darné-Ferrara index:

Index estimated at -0.92, well below the zero threshold indicating a change in regime. Consequently, the Euro Area cycle is still estimated to be in its deceleration phase.

(Index based on European Commission economic surveys in the industrial sector for Germany, France, Italy, Spain, Netherlands and Belgium. A Dynamic Factor with Markov-Switching  regimes is estimated to assess the EA acceleration cycle. See Darné and Ferrara, OBES, 2011)

Euro area acceleration cycle from Darné-Ferrara (2011, Oxford Bulletin of Economics and Statistics)