Eurozone: stable pace of recovery around 0.2% QoQ

Data released in the past few weeks seem to show some stabilisation in the recovery of the eurozone economy, around an annualised rate of 1%. Among the largest countries, Germany, France and especially Spain have maintained growth in late 2014, in contrast to Italy, which remains stagnant. By early 2015, the design of the more than likely quantitative expansion programme of the ECB and the negotiations of the new Greek government with the troika after elections will be important.

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