As in the first quarter of the year, the European economic outlook remains uncertain, the current recession being forecast to give way to modest growth in 2014. In June, the ECB revised its forecasts for growth in 2013 down to -0.6%, raising those for 2014 to +1.1%. This second issue for 2013...

According to the most recent European economic forecast from the European Commission’s DG-ECFIN, the recovery is broadening, as some measure of modest growth returns to the majority of Member States. DG-ECFIN also points to growing internal consumer demand as the driver of recent growth...