“The European economy is showing signs of entering a phase of recovery after a deep crisis. Thanks to effective and substantive policy action since autumn 2008, coordinated in the context of the European Economic Recovery Plan (EERP), a financial meltdown and a generalised loss of confidence has been avoided. However, uncertainty remains high, and there are still risks of negative feedback loops between the financial sector and the real economy. Given the output losses in previous quarters, economic activity is set to shrink by 4 percent this year, followed by a gradual recovery in 2010.”
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