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Table of contents; Summary of projections; Editorial: The policy challenges: Now and in the long term; Chapter 1.General Assessment of the Macroeconomic Situation; Summary; Introduction; Table 1.1. The global recovery will gain momentum only slowly; Key forces acting; Figure 1.1. OECD recoveries com...

Figure 1.3. Financial constraints on euro area business activity are elevatedFigure 1.4. Consumer confidence is soft; Table 1.2. Housing market developments remain mixed; Figure 1.5. House price-to-rent ratios differ considerably across countries; Figure 1.6. Non-oil commodity price developments hav...

Figure 1.10. Inflation pressures are likely to remain moderateFigure 1.11. Actual and predicted changes in unemployment rates; Table 1.3. OECD labour market conditions are diverging; Figure 1.12. Considerable labour market slack is set to persist; Table 1.4. World trade will strengthen only graduall...

Current account balances in euro area countries under financial market pressureFigure 1.15. Euro area unit labour costs are adjusting; Figure 1.16. Export market performance is improving in some countries; Box 1.5. Estimated additional capital needs in large euro area banks; The euro area banking sy...

Macroeconomic and financial policiesTable 1.5. Fiscal positions will improve only slowly; Figure 1.18. Expenditure versus revenue-based consolidation plans; Box 1.7. The redistributive impact of tax and transfer-based consolidation; Impact of 3% consolidation on income inequality; Bibliography; Chap...

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