The textbook folks define recession as two consecutive quarters of negative growth. While I am a fan of reading economic textbooks, they should not be considered gospel. That said, everything is relative here, so Denmark's 1st mover advantage bears monitoring.
Trichet raised the ECB benchmark rate again this morning, and seems cool with testing the bounds of perceived notions that hawkish monetary policy drives recessions and depressions.
Since the 1st Nobel prize in economics wasn't issued until 1969. It's very difficult for me to believe that anyone out there has a macroeconomic process worthy of being called gospel, altogether.
(chart courtesy of stockcharts.com)