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FRANKFURT Cheap Jerseys From China , Sept. 12 (Xinhua) -- Given positive economic data over the past year or so, Europe is recovering from the worst financial crisis in decades.
However, despite encouraging signs that have become increasingly visible since the beginning of this year, observers said it is largely related to a cyclical recovery rather than strong, balanced and sustainable growth.
WHERE'S THE SUSTAINABLE GROWTH?
The European economy has entered its fifth year of recovery, which is reaching all European Union (EU) Member States, the European Commission summarized in its Spring Economic Forecast Cheap Jerseys China , expecting that the recovery would continue at a largely steady pace this year and next.
With private consumption consistently boosting growth and foreign trade expanding moderately, the annual Gross Domestic Product (GDP) growth of the EU is expected to reach 1.9 percent this year, according to a European Commission projection, which shows improving sentiment.
There is no doubt that after years of crisis, Europe has successfully entered a broad-based cyclical recovery, which is confirmed by encouraging data like a declining unemployment rate, a growing headline inflation rate etc. However Cheap Jerseys , it is widely believed that Europe's economic potential remains below its pre-crisis level.
Struggling to tackle the financial crisis for almost a decade, the EU has not achieved a credible return to economic vigor, said Maria Demertzis, deputy director at EU think tank Bruegel.
"It is true that Europe has seen some renewed growth recently, but it remains weak and precarious," she said in a recently published article.
"The robust cyclical upswing is masking the creeping erosion of growth," Deutsche Bank said in a research report released last month, warning that by 2025 Germany's trend growth looks set to halve to only 0.75 percent.
In Italy, where one third of youths remain unemployed, just 6 percent of people expressed optimism for future growth, according to one report.
The ultra-loose monetary policy by the European Central Bank (ECB) has succeeded in preserving the euro, preventing the single currency union from collapse Cheap Sevilla Jerseys , long-term recession and deflation, since ECB President Mario Draghi claimed "whatever it takes..." in the summer of 2012.
The package of accommodative monetary policy tools, both conventional and unconventional, including a zero interest rate plus massive asset purchases of over two trillion euro (2.4 trillion U.S. dollars) as of August, have been working in the euro area, yet made the recovery addicted to cheap money provided by Eurosystem, so that the ECB is still lack of confidence to taper quantitative easing.
Monetary policy alone would not be enough to jump-start the economy Cheap Real Madrid Jerseys , Draghi said, urging the fiscal policy as well as structural reforms both at the EU level and national level to accelerate.
In fact, investment has contributed far less to growth in Europe in context