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Table of contents; Basic statistics of the euro area, 2012; Executive summary; Main findings; Key recommendations; Ensuring a sustained recovery; Towards a banking union; Fiscal governance is being strengthened; Assessment and recommendations; Figure 1. EuroBarometer; Fostering economic recovery; Fi...

Growth in the euro area remains weak and non-inclusiveTable 1. Macroeconomic indicators and projections; Figure 7. Low and uneven productivity growth; Figure 8. Structural unemployment in the euro area is high and growing; Figure 9. Inequality is increasing in some euro area countries; Table 2. Long...

Figure 13. Growth of bank credit to the private sectorFigure 14. The cost of credit in euro area countries; Recommendations on monetary policy; Stronger bank balance sheets are key to recovery; Figure 15. Banks' non-performing loans; Figure 16. Cross-border bank penetration in Europe; Figure 17. Ban...

Figure 19. Primary budget estimates in a stylised scenario for reducing public debt over the medium termThe pace of consolidation is set to slow; A fiscal capacity to enhance incentives for structural reforms; Fiscal governance is being strengthened; Recommendations on fiscal consolidation; Bibliogr...

Bail-in rules for resolution funding have been establishedBox 1.1. Recognition of non-performing loans and bank restructuring matter: Some international experience; Figure 1.2. Bank equity issuances in the EU and the United States; Table 1.1. State aid to the financial sector in the EU, 2008-12; Est...

Figure 1.4. Capital ratios and leverage ratios