Although our forecast for euro-zone GDP growth in 2014 of 0.5% is now only a little more downbeat than the consensus estimate, there remain plenty of risks that could yet derail the region's recovery, not least problems in the banking sector and in individual countries.
What's more, policy-makers may struggle to respond to these risks. Not only has the ECB so far failed to ward off the twin threats of a strong euro and disinflation, its OMT programme may finally be tested in 2014 and risks disappointing investors.
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