Growth has returned, but it is certainly not very strong. It is modest, fragile and unequal. Germany is doing well; France, Italy and Spain are improving; things are not going so well in the Netherlands; and Greece and Portugal remain under pressure. Unemployment is still too high, but it seems to have stabilised at an average of around 12%. We forecast that growth in the euro area will be 1.1% next year and 1.5% in 2015.