10. Estimating impact: EIB lending and EU expenditure creates 1.2 million jobs in Europe
In spite of the fact that the crisis broke out almost 4 years ago, Europe has still not regained its mo- mentum and the EU is expected to go into recession in 2012 (see Figure 3). Growth prospects for the Euro zone are even gloomier. Growth in Europe in 2013 is expected to be in the range of 1 pct. which is still below the historical growth rate. These figures could be significantly worse if the crisis deterio- rates, as looks quite possible at the time of writing.