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Table of contents; Summary of projections; Editorial: Stronger growth ahead, but more risks; Chapter 1. General assessment of the current economic situation; Summary; Introduction; Table 1.1. The global recovery will gain momentum only slowly; Recent activity and financial developments; The growth s...

Figure 1.3. Banking sector vulnerabilities have surfaced in some EMEsFigure 1.4. External vulnerability indicators in selected EMEs; Figure 1.5. Recent business sentiment outcomes are mixed; Box 1.1. Global spillovers from the growth slowdown in emerging market economies; Direct trade exposures to n...

Figure 1.6. Aggregate financial conditions have tightened slightly in the euro area and the United StatesFigure 1.7. Market participants now expect earlier and faster monetary policy tightening; Demand and activity developments in OECD economies; Figure 1.8. Household financial liabilities are now d...

Responsiveness to Going for Growth recommendationsThere has been progress in reforming labour markets; Table 1.3. OECD labour market conditions are likely to improve slowly; Figure 1.9. Labour market slack is diverging and large overall; Table 1.4. World trade will strengthen only gradually; Figure...

Addressing remaining risks in the euro areaFigure 1.11. Capital needs in euro area banks to reach a 5% leverage ratio are still large; Fiscal policy risks in Japan; Economic policy requirements in the major economies; Monetary policy; Box 1.5. The impact of government bond yield increases on banks;...

Fiscal policy stance under the EU fiscal rules