By achieving this , monetary policy is making a significant contribution towards a recovery in economic growth .

By keeping medium term inflation expectations firmly anchored at levels consistent with price stability , monetary policy continues to make a significant contribution towards a recovery in economic growth .

Only by keeping medium and long term inflation expectations firmly anchored at levels consistent with price stability can monetary policy make a significant ongoing contribution towards a recovery in economic growth .

Consequently , while there were some preliminary indications of an upturn in euro area growth during the summer months , this was subsequently delayed .

Two quarters of strengthening GDP growth hardly indicates a breakout from an anemic recovery.

Hopes for continued recovery have now given way to two consecutive quarters of negative growth.

The US is in a partial recovery, with growth at 1.5 2 and lagging employment.

Economic forecasters continue to promise that growth will revive. Things will begin to look up in the second half of 2013, we are told.

strengthens and activity slows . As the economy recovers and GDP growth gradually rises , profit margins are projected to increase again in 2010 .

Keeping inflation expectations firmly anchored at levels consistent with price stability will permit monetary policy to continue to make a significant contribution towards a sustainable recovery in economic growth and job creation in the euro area .

The Eurozone s False Recovery

Whereas growth in Japan appeared to gain momentum during 1996 , it stalled during 1997 .

For all euro area countries , structural reforms leading to higher growth and employment are crucial to support a sustainable recovery .

For all euro area countries , structural reforms leading to higher growth and employment are crucial to support a sustainable recovery .

All countries and policymakers face difficult choices concerning the timing of austerity, perceived sovereign credit risk, growth oriented reforms, and equitable sharing of the costs of restoring growth.

The three possible outcomes of all this include a relatively stable multi speed world, notable disruptions that undermine the US s economic recovery, and a European revival that benefits from US growth.

After the first year, the patient's recovery stagnated.

After the first year, the patient's recovery slowed to a standstill.

Output developments were particularly strong in the Baltic States , and Poland , the largest acceding country , experienced a solid economic recovery after two years of low growth .

Given that the economic recovery was expected to be only gradual , it was considered that moderate wage developments in conjunction with a cyclical recovery in productivity would contain growth in unit labour costs .

As the global economy recovered, and the economy benefitted from regained competitiveness, exports surged and economic growth resumed in 2010.

Irish recovery cannot occur without European recovery.

The doctor's quick arrival brought about her very speedy recovery.

For these reasons , the euro area economy is expected to grow only at a moderate pace in 2010 and the recovery process could be uneven .

And yet, given that the non tradable sector is constrained by its reliance on domestic demand, recovery if it comes will depend on the tradable sector s growth potential.

This will preserve the public 's trust in the sustainability of public finances and will support both the recovery and long term economic growth .

Following the initial rebound in the second quarter , business investment growth increased throughout the rest of the year , reaching annualised double digit numbers .

Until Europe rejects austerity in favor of a growth oriented approach, all signs of recovery will prove illusory.

. the economic recovery .

The Spanish Revival

The current account surplus continued to decline in the course of 2002 , as the strong recovery in import growth largely exceeded that in exports .

While these policies or lack thereof have impeded recovery in the southern countries, they have yielded reasonable growth and very low unemployment rates for the northern economies.

The incipient recovery at the start of 2002 failed to gather momentum and quarterly real GDP growth rates remained throughout the year at levels below those consistent with euro area potential growth .

The fall in oil prices from their peak in July and ongoing growth in emerging market economies might support a gradual recovery in the course of 2009 .

America s recovery since the Great Recession, has been inconsistent, with growth repeatedly picking up and then sputtering out.

International organizations and European Union bodies regard such reform as a prerequisite of economic recovery, growth, and alleviation of the unemployment plague.

Moreover, the stock market channel leading to asset reflation following QE works only in the short run if growth fails to recover.

Restoring a sound euro requires policies that revive growth, rein in government spending, and reform heavily regulated labor and product markets.

Looking ahead into next year , after a phase of stabilisation , a gradual recovery with positive quarterly growth rates is expected by mid 2010 .

Against this background , some of the domestic imbalances that arose in the United States in the late 1990s still remained , while the imbalance vis à vis the rest of the world continued to deteriorate ( see Box 7 ) . Consumer price inflation in the United States remained relatively quiescent in 2002 , while producer price inflation was negative for most of the year .

Domestic demand remained the main driver of economic growth , thus confirming the anticipated broadening of the recovery and pointing to the increasingly self sustaining nature of economic expansion in the euro area .

The recovery is also expected to become more broadly based over the horizon , with stronger growth in both investment and private consumption .

Domestic demand remained the main driver of economic growth in the third quarter , confirming the anticipated broadening of the recovery and pointing to the increasingly self sustaining nature of economic expansion in the euro area .

The Gain in Spain

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