Growth wilted across large swathes of the eurozone in the first quarter, dashing hopes of durable recovery and prompting demands for shock and awe action from the European Central Bank. Finland fell into recession, while output contracted by 1.4pc in Holland, 0.7pc in Portugal and 0.1pc in Italy. “The recovery has vanished,” said Italian think tank Nomisma. Bourses tumbled across Europe, with Milan’s MIB index down 3.6pc, led by a plunge in bank stocks. Madrid’s IBEX was off 2.35pc and France’s CAC fell 1.25pc. France slipped back to zero growth and seems caught in a vicious circle as it keeps cutting spending further to meet its EU deficit targets. The country’s hardline premier, Manuel Valls, has vowed to push through €50bn (£40bn) of spending cuts, with fiscal tightening of 0.8pc of GDP this year. More