As you can see, after a minor rebound from the lows in 2009, production has been in decline from March of 2010...mirroring the pattern leading up to the deeply depressed lows throughout much of 2009. This is reflective of the unemployment and recessionary conditions currently prevalent in Europe. The LTRO 1 & 2 cash injections by the ECB have not had a (lasting) positive impact in this particular segment of Europe's economy. European markets are currently down at the time of my writing this post.