Nevertheless, over the past five years structural reform implementation in the euro area has, overall, been sluggish at best. Very few reforms identified in the European Semester have been substantially implemented. Reversing this trend and putting our economy on a higher convergence trajectory is thus a priority.
  In the United States, growth is solidifying, although consolidation of household and, ultimately, government balance sheets will limit the pace of the expansion.   European growth has strengthened, despite ongoing sovereign debt and banking challenges in the periphery. The disasters that struck Japan in March will severely affect its economic activity in the first half of this year.