The measures approved by the ECB have dispelled significantly the euro break-up risk.
Advances towards a higher banking and fiscal integration require a political agreement in Europe, while peripherals should continue with the reforms at an appropriate pace.
The eurozone is in recession, but financial strains have diminished thanks the measures announced.
Growth will return in 2013, but at a slow pace.
The eurozone periphery will continue to be in recession due to the need of deleveraging.
The lack of definition on the future of EMU and the periphery crisis also drag down growth in core countries.