{
  "title": "How Real Is The Recovery In The Euro Area?",
  "publication": "IMF Blog, February 27, 2014",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2014/02/27/how-real-is-the-recovery-in-the-euro-area",
  "canonical": "https://www.imf.org/en/blogs/articles/2014/02/27/how-real-is-the-recovery-in-the-euro-area",
  "overlayPath": "/en/blogs/articles/2014/02/27/how-real-is-the-recovery-in-the-euro-area/index.md",
  "summary": "Rising share prices.",
  "sections": [
    {
      "heading": "Key indicators of an upturn",
      "content": "- Rising share prices.\n- Lower sovereign bond yields.\n- Increased risk appetite.\n- An upturn in high-frequency indicators.\n- The first signs of positive domestic demand in the euro area.\n- The prospect of less drag from fiscal consolidation."
    },
    {
      "heading": "Major headwinds",
      "content": "- Debt owed by households and businesses remains high, making a rapid pick-up in consumption and investment unlikely.\n- Contracting bank lending is holding back recovery.\n- Relatively tougher credit conditions in the countries most in need of support are restraining growth.\n- Reducing unacceptably high levels of unemployment depends on strong growth."
    },
    {
      "heading": "Assessment and policy implications",
      "content": "- The recovery is real, but the pace is weak.\n- More policy actions are needed to boost growth and foster job creation.\n- For more detailed assessment and policy prescriptions, the piece references a video and the IMF book \"Jobs and Growth: Supporting the European Recovery,\" particularly for specifics on growth-enhancing structural reforms.\n\nReza Moghadam, February 27, 2014.\n\n---\n\n\n References\n\n- Jobs and Growth: Supporting the European Recovery\n\nSource: https://www.imf.org/en/blogs/articles/2014/02/27/how-real-is-the-recovery-in-the-euro-area"
    }
  ],
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    "[Markdown version](/en/blogs/articles/2014/02/27/how-real-is-the-recovery-in-the-euro-area/index.md)",
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    "Authors: Reza Moghadam",
    "Published: February 27, 2014",
    "Rising share prices.",
    "Lower sovereign bond yields.",
    "Increased risk appetite.",
    "An upturn in high-frequency indicators.",
    "The first signs of positive domestic demand in the euro area.",
    "The prospect of less drag from fiscal consolidation.",
    "Debt owed by households and businesses remains high, making a rapid pick-up in consumption and investment unlikely.",
    "Contracting bank lending is holding back recovery.",
    "Relatively tougher credit conditions in the countries most in need of support are restraining growth.",
    "Reducing unacceptably high levels of unemployment depends on strong growth.",
    "The recovery is real, but the pace is weak.",
    "More policy actions are needed to boost growth and foster job creation.",
    "For more detailed assessment and policy prescriptions, the piece references a video and the IMF book \"Jobs and Growth: Supporting the European Recovery,\" particularly for specifics on growth-enhancing structural reforms.",
    "[Jobs and Growth: Supporting the European Recovery](http://www.imf.org/external/np/seminars/eng/2014/EURbook/index.htm)"
  ],
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  "generatedAtUtc": "2026-08-28T03:39:05.824Z"
}