Europe economic outlook. First quarter 2015

The eurozone will recover in 2015, helped by the lower oil price and a more depreciated euro, although the crisis between Russia and Ukraine, the negotiations with Greece and the delay in the reforms are the main risks to the downside. Inflation will be negative until half way through the year, but the likelihood of deflation remains limited, given that the ECB’s bond purchasing policy will support activity and inflation expectations.

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