• Financial tensions intensified during the second quarter and the eurozone slips back into recession.

  • It is urgent that european authorities accelerate the fiscal and banking union plans, and that they intervene to reduce the tensions in the short-run.

  • If the foreseen measures of the european summit and by the ECB are implemented, financing troubles should start to diminish after the summer.

  • The eurozone should grow timidly in 2013, although the periphery will remain in recession and risks are tilted to the downside.