The re-balancing of the eurozone

German spending alone will not re-balance the European economy; we also need reform and credit.

Recent forecasts show that Europe’s short-term economic outlook remains weak. But the picture is nuanced. The recovery will be more gradual than foreseen, with growth expected to return next year and to pick up speed in 2014. However, a vital re-balancing is under way. The large macroeconomic imbalances that were present at the origin of the eurozone debt crisis are being corrected. 

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