European Economy. Quarterly report on the euro area 2012.

Abstract

The beginning of this year has seen further advances in stemming the tide of the euro-area crisis and setting right the remaining weaknesses in the economic governance framework. To be sure, during the course of last year the euro area was already put on a more stable institutional footing. A far-reaching drive at the European level has ensured that the vulnerabilities and blind spots that first gave rise to the crisis are being corrected.