In Europe, the momentum for economic recovery is picking up gradually, as exports and production are growing and household expenditure has also firmed.
The fall in real estate prices and the recession caused them big credit losses; the political decision to use public funds to bail out reckless financial institutions has pushed up the public debt by more than 20 percentage points of GDP so far, to a level of about 95 per cent of GDP in 2010, with further disbursements anticipated for this year following the results of the stress tests conducted on banks.