Europe Economic Outlook. Fourth Quarter 2014

Summary

The eurozone’s recovery is delayed, hindered by the Russia-Ukraine crisis and internal weakness in France and Italy. The measures adopted by the ECB contribute to the expansion of its balance sheet and the depreciation of the euro, but may not be sufficient to anchor price expectations. After the successful completion of the banking sector review, continuing the progress towards banking union, there should be no obstacles to fulfilling the demand for credit. Fiscal policy is at the centre of the debate, but additional national measures are unlikely to be taken

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