.Note: *= forecast
Source: AE on the basis of Eurostat (historical data) and Consensus Economics (forecast data).
The gloomy growth prospects point to a Europe that is clearly not yet past the crisis. 24 out of 27 EU countries are under the EUs Excessive deficit procedure and are recommended to tighten fiscal poli- cy. This has led the leaders of the EU to focus on restoring balanced budgets in an attempt to “cut- back” their way out of the crisis.