Manolo Blahnik, a shoe designer, speaks during the 2012 Luxury Roma conference at the Rome Cavalieri hotel in Rome, Italy, on Friday, Nov. 16, 2012. The euro-area economy succumbed to a recession for the second time in four years as governments imposed tougher budget cuts and leaders struggled to contain the debt crisis that broke out in October 2009. Photographer: Alessia Pierdomenico/Bloomberg via Getty Images