What needs to be done today, tomorrow and perhaps in the more distant future to make sure that the governance systems for the eurozone are actually credible and work properly? The crisis revealed – like an X-ray picture – the weaknesses of many advanced economies – weaknesses in the US and in Japan as well as in Europe.
Economic activity in the euro area is recovering moderately as a whole, although the contrast has been increasing further between the strong performance of Germany and the performance of peripheral countries with serious fiscal problems such as Greece and Portugal. As for the outlook, the situation as a whole is likely to remain unchanged, with the moderate recovery continuing.