Progress is now being achieved here, including between the two biggest jurisdictions. And the efforts of the authorities in the United States and the European Union to assess the regulatory arrangements in the various other jurisdictions, which is no small task, must be acknowledged. But we have a way to go yet.
The outcome for real GDP in the fourth quarter of 2012 was weak, with Eurostat’s second estimate indicating a contraction of 0.6% quarter on quarter. The decline was largely due to a fall in domestic demand but also reflected a drop in exports. Recent data and indicators confirm that the economic weakness extended into the early part of the year.