The euro area economic confidence is still battered by debt woes, high uncertainty, and rising inflation; according to ZEW's Economic Sentiment index the confidence fell to 13.6 in May from 19.7 and below the expected 17.3.

Germany's ZEW Economic Sentiment also slumped to 3.1 from 7.6 and below 4.5 expected. Nonetheless, the German confidence in the Current Situation remained strong as the index improved to 91.5 from 87.1 and below 87.5 expected.