|CCR World Magazine Latest Issue - December 2013|
Hello and welcome to the online, December edition of CCR World.
Of course such progress must be tempered by experience of the past few years. In the UK, politicians and economic analysts have been ridiculed in the past for over-optimistic assessments of recovery, and so are wary of even mentioning ‘green shoots of recovery’; nevertheless the reality is that the situation is improving.
Last month, a report by the chief economists of the European Banking Federation’s Economic and Monetary Affairs Committee (EMAC) found that the Eurozone economy had started to turn the corner and gradually climb out of recession, although it concluded that this did not mean that the euro area was out of the woods yet. Indeed the economists stressed that EU leaders should focus more than ever on pressing on with Banking Union and economic structural reforms, in order to ensure a stable and sustainable recovery.
This year is expected to yield a negative growth of 0.4% for the Eurozone GDP, and only next year GDP is seen to increase by 1%. Inflation is expected to remain low, at 1.4% on average, through till the end of 2014. Moreover, moderate growth of the global economy will help keep energy prices from rising. The compound effect of this implies that the European Central Bank will continue its expansionary monetary policy, and keep the main refinancing rate at a low level until the end of 2014, at least.
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