Europe Economic Outlook. Third Quarter 2014

The eurozone recovery will gain some traction over the course of the second half of the year, and more particularly, in 2015, with domestic demand taking over the baton from exports. Inflation will remain low in both years, which will force the ECB to continue to work on additional measures if medium-term inflationary expectations do not remain anchored to its objective of price stability. The factors underlying this scenario are practically unchanged, although now the combination of economic policies is more favourable to growth, even though downside risks have emerged derived from various events of geopolitical nature.

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