A battle between pessimism and optimism is being waged about whether Europe is stuck in a quagmire or marching back to growth. Both sides have strong arguments but they also agree on what has to be done.
Euro area growth rates continue to be disappointing. Despite all the excitement that the launch of a new currency in 1999 brought to Europe, since 2007 we have witnessed a double-dip recession and a performance that is substantially lower than that of the United States.
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