THE WORST of the euro crisis is yet to come, writes Wolfgang Münchau in the Financial Times:

The downturn began this summer, and appears to have gained momentum. Bank lending to the private sector has fallen for two months. Broad money supply is well below the reference rate. A widely followed purchasing managers’ survey points towards a decline in manufacturing activity in August. For all we know, the eurozone may already be in a recession right now.

Read the rest, but be warned: it's not pretty.