This week brought further evidence that the early stages of the euro-zone’s economic recovery looked remarkably V-shaped. But the rebound will lose pace in the second half of the year and we think it will be a long time before GDP returns to its pre-crisis level. Looking ahead to next week, on Thursday the ECB looks set to leave policy unchanged but to emphasise its willingness to do more if needed. And EU leaders will discuss the proposed Recovery Fund on Friday, with national governments still in disagreement about what form any joint fiscal support should take.
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