What's a "recursive_init_error" exception?

I decided to do a test with computed gotos and local statics

void g() { std::cout << "init "; } 
void f() { 
  int z = 0; 
  y: z++; 
  static int x = 
    (g(), z == 1 ? ({ goto *&&y; 0; }) : 0); 
}

int main() { f(); std::cout << "!"; f(); }

I wanted to see whether the output would be "init init !". But to my surprise I didn't get that output, but instead GCC handled it gracefully, outputting at runtime:

init terminated by recursive_init_error: exception

What's that exception? Is it a Standard exception? C++03 or C++0x? Thanks for any explanation.