The latest data indicates a stabilisation in economic activity for the euro area as a whole in the second quarter of 2009. And most forecasters now expect a modest recovery in the course of 2010.
But if central banks and governments had not acted as they have done over the past year, the financial crisis would have been even more intense and the recession would have been deeper. BIS Review 103/2009  1  The fiscal costs of the crisis As things stand now, the fiscal costs of the economic and financial crisis are expected to be considerable.