Of course there have been effects of the recent severe weather and it will still be a little while yet before US policymakers get a clear reading on the pace of expansion. But there is no obvious reason to expect that the expansion will be de-railed.
The euro area has resumed growth, albeit in a somewhat hesitant fashion and with noticeable differences in performance by country. Some quite pronounced adjustments to cost structures are occurring in some of the so-called “peripheral” countries, as needed under the single currency area arrangement.