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""Table of Contents""; ""Summary of projections""; ""Editorial: The Policy Imperative: Rebuild Confidence""; ""Chapter 1. General Assessment of the Macroeconomic Situation""; ""Summary""; ""Introduction""; ""Table 1.1. The global recovery has lost momentum""; ""Key forces acting""; ""Figure 1.1. Bus...

""Figure 1.5. Overall financial conditions have been hit in the euro area""""Box 1.1. Risk awareness, uncertainty and confidence""; ""The implications of confidence and uncertainty for expenditure growth""; ""The muddling-through projection""; ""Box 1.2. Policy and other assumptions underlying the p...

""Figure 1.7. Underlying inflation is likely to moderate""""Table 1.2. OECD labour market conditions are no longer improving""; ""Figure 1.8. Considerable labour market slack is set to persist""; ""Figure 1.9. Global imbalances remain elevated""; ""Table 1.3. World trade is slowing and imbalances re...

""Alternative scenarios for the euro area""""Table 1.5. Bank exposure to Greek sovereign and total debt""; ""Figure 1.11. Official loans to the governments of Greece, Ireland and Portugal""; ""Table 1.6. EU / IMF Programme countries : Funding needs and sources""; ""Figure 1.12. Belgium, Italy and Sp...

""Box 1.5. Calibrating a stylised downside scenario in the euro area""""Financial conditions in a stylised euro area downside scenario""; ""Uncertainty and consumer confidence in a stylised euro area downside scenario""; ""Private sector demand in a stylised euro area downside scenario""; ""A stylis...

""A stylised euro area upside scenario: macroeconomic model simulation results""