The European Commission's spring forecast, released yesterday points to a continuing economic recovery in the EU as real GDP growth is set to reach 1.6% in the EU and 1.2% in the euro area in 2014, and to improve further in 2015 to 2.0% and 1.7%.

With regard to Greece, the Commission underlines that “data so far continue to strongly support expectations that Greece’s economy will return to growth in 2014. Recent confidence indicators continue to support expectations that Greece will returnto growth in 2014. Structural reforms undertaken in labour and product markets have underpinned an improvement in competitiveness that should strengthen exports and investment. The improvement of headline deficit is set to continue.”