The price/book ratio of the euro area’s most important banks is now just under 0.9, and is thus closer to par than just a few months ago. So there are already signs that the European banking sector is benefiting from single supervision – even before we have begun the actual task of supervision.
But as fiscal headwinds dissipate and household deleveraging ends, growth should accelerate through 2014 and 2015. •  Overall, the global economy is projected to grow by 2.8 per cent in 2013 and accelerate to 3.4 per cent in 2014 and 3.6 per cent in 2015.