The eurozone has taken a major step towards recovery with the single currency’s four major economies all growing for the first time in almost three years.

Germany, Italy, and France all registered expansion in the final three months of 2013, official figures showed, with France avoiding a dreaded double-dip recession and Germany, the region’s biggest economy, performing better than had been expected.

Along with Spain, which last month recorded its best quarterly growth since 2008, the countries led the 18-currency bloc to growth of 0.3pc in the final three months of 2013. The four biggest economies in Europe had not grown in unison since the first quarter of 2011.

Still early days, but it is good to see the eurozone getting back on its feet at last.