03 December 2013

New study finds end of the crisis is within reach for the eurozone

Highlights:

• Reform Countries Are No Longer Living Beyond Their Means
• Rebalancing within the Eurozone Is Progressing Rapidly
• German Trade Surplus with the Eurozone Is Falling Fast
• France Drags Its Feet; It Is Becoming the ‘Sick Man of Europe’
• Some Core European Countries Are Becoming Complacent

Holger Schmieding, chief economist of Berenberg and a principal author of the study, says: "Most European countries are doing their homework. If they stay the course of reform, 2014 could turn out to be a good year for Europe. The reforms have gone deeper and the adjustment has progressed further than many people realise. The reforms are setting the ground for a prolonged period of recovery. The speed of convergence taking place within the eurozone is amazing. Its key members are moving closer towards a period of more balanced growth, with significantly less internal stress."

The 2013 Euro Plus Monitor ranks the 17 eurozone members (plus Poland, Sweden and the United Kingdom) on a host of key criteria. First and foremost, it measures the speed with which countries are adjusting to the challenges posed by the financial and economic crisis. But it also looks at long-term fundamental economic health. The study was formally launched in Brussels at The 2013 Euro Summit in the presence of Olli Rehn, vice-president of the European Commission and commissioner for economic and monetary affairs and the euro.

Press release with link to full study

VP Rehn speech

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