Markit's composite survey showed a big split between buoyant manufacturers and a struggling service sector
The recent shock multi-billion euro tax demand on Apple was part of that trend as the EU also drafts plans for a common corporate tax base
To add to policymakers' concerns, the slowing came as firms offered deeper discounts despite rising input costs
Growth remained muted and was led by a surge in Germany, which masked a continued stagnation in France and a slowing pace in Spain and Italy
Inflation was - 0.1 per cent in May, nowhere near the central bank's target of close to but below 2 per cent
To overhaul their struggling economies
ECB warned about four main sources of risk- market turmoil, weak profits, excessive debt, and a growing shadow banking sector
Consumer prices are also expected to increase by less than previously estimated