In this report, we outline how the eurozone crisis has evolved. We discuss how European Monetary Union (EMU) membership shaped both the economic crisis itself and the crisis response.
The peripheral countries are at very different stages of economic recovery and rebalancing. Growth has returned and private and public balances have improved. Unemployment and public debt levels remain high, whilst part of the rebalancing may just be cyclical.
Economic Report Dutch version
We expect growth in Europe to accelerate gradually, although the economy has far from fully recovered from the Global Financial Crisis. Substantial deterioration in the Greek situation and/or the geopolitical conflicts remain downside risks.