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Economic recovery on track, but uncertainty increases

- "World environment: challenges ahead for a sustained recovery."
- "Domestic demand in the eurozone was subdued. Strong exports supported for the strength of the industrial sector.""
- "The first steps of the recovery are still modest."
- "The sovereign bond crisis, the lack of restructuring in the financial sector and the end of temporary stimulus will put a break on the recovery of domestic demand, but world trade growth and euro depreciation will partly compensate for it."
- "The outlook for 2010 and 2011 presents a very slow recovery, and heterogeneous across member states, while uncertainties increase."
- "Monetary policy to remain adequately accommodative until at least the end of 2011."
- "The fiscal consolidation challenge ahead is important, but the risk of a large negative effect on growth is small."
BBVA Europe Economic Outlook June2010

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