EFTA Document EFTA01459728

5 February 2016 Focus Europe: Dark clouds, no storm yet Eurozone Economics SIREN: Euro-macro surprises remain negative SIREN (Summary index of Relevant Economic News) monitors daily both how quickly the euro-area is growing (Momentum)► and how outcomes compare with expectations (Surprise). Individual indicators are weighted by their ability to forecast GDP out-of-sample. Both SIREN components correlate closely but tend to lead similar indices. SIREN is reported based on release dates (