• 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.