In the wake of the collapse of Lehman Brothers in September 2008, most industrialized economies including some of those in the euro area went into recession. Recently, however, some signs of recovery in crisis-affected economies have emerged. Mr. Ignazio Visco will discuss the recovery process in the euro area, highlighting possible risks and challenges. He will talk about the fragility of the recovery and more than anything else on the challenges caused by the fiscal outlook, stressing the fact that the repercussion of disorderly public finance management may potentially threaten financial stability and require an adjustment. He will then discuss the projections for euro area recovery commenting on the importance of export led growth and domestic demand. Finally Mr. Visco will touch upon the challenges posed by the need to re-absorb unemployment and to foster growth in the euro area.

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