Second, even as the early signs of recovery were visible, inflationary tendencies had also begun to show. All this was happening in a global environment which was still quite turbulent and uncertain in late 2009 and early 2010.
This figure is far from impressive, especially considering that the euro area is in the early phase of a recovery, after the second recession in 2012 and 2013. On the other hand, the unemployment rate, albeit falling, still remains above 10%, amid a continuous increase in the participation rate in the labour force since the crisis.