There's been no shortage of bad economic news this past year.  But Europe has been spared the very worst of it…Until now.

After months of resistance, the European economy has finally buckled. Growth in the 15-nation euro zone shrank in the three months from April to June - the first time it's done so since the creation of the single currency.
 

The euro zone now faces the same recession threat as other major economies, like the US, UK and Japan. But it wasn't too long ago that many people thought Europe would avoid catching the US contagion…Some economists even suggest Europe may end up being even harder hit by the global slowdown than the US, where growth grew half a percent in the second quarter.

So is Europe on the brink of a recession? With Douglas Herbert, to help answer that question is Jean-Paul Betbèze. He's the chief economist at French bank Crédit Agricole and the author of several books on the economy and finance.

Watch the interview by clicking 'Play Video' above.