9th October 2013


The Committee convened following positive news stemming from a variety of sources (the European Commission, statistical agencies, forecasting institutions, international organizations, NowCasting.com) about economic activity in the euro area. The objective of the meeting was to determine whether there was enough evidence that the decline in economic activity that started after third quarter of 2011 had ended. The Committee decided that, while it is possible that the recession ended, neither the length nor the strength of the recovery was sufficient, as of 9 October 2013, to declare that the euro area has come out of recession and to rule out the possibility that the euro area might be experiencing only a pause in the recession that started after 2011Q3.  The Committee released its findings on 19 October. 

[ Findings ]