The first of the above two charts tracks German business confidence, and it is noteworthy that it has turned up in the first two months of this year after a sharp contraction which paralleled the decline in Eurozone industrial production. The second chart measures German Industrial Production, and here too we see emerging signs of what could prove to be a bottom.
Finally, I note that the Euro Stoxx Index has turned up, albeit quite modestly. Stocks typically are able to sniff out recoveries before they officially happen (e.g., the U.S. equity market turned up about 3 months prior to the mid-2009 recovery started), and there's no reason to think that isn't the case today. The Eurozone recovery is likely to be a modest one, however, because Europe is still burdened by excessive government spending. Nevertheless, progress is being made, and simply halting the growth in spending ought to be enough to improve sentiment and, in turn, growth.