OECD Economic Surveys.

Table of contents
 Basic statistics of the euro area, 2012
 Executive summary
 Main findings
 Key recommendations
 Ensuring a sustained recovery
 Towards a banking union
 Fiscal governance is being strengthened
 Assessment and recommendations
 Figure 1. EuroBarometer
 Fostering economic recovery
 Figure 2. Banking and government risk measures
 Figure 3. Bank deposits have bottomed out
 Figure 4. Current account balances
 Figure 5. Evolution of price competitiveness
 Figure 6. Net international investment position and sovereign risk spread. Growth in the euro area remains weak and non-inclusiveTable 1. Macroeconomic indicators and projections
 Figure 7. Low and uneven productivity growth
 Figure 8. Structural unemployment in the euro area is high and growing
 Figure 9. Inequality is increasing in some euro area countries
 Table 2. Long-term growth scenario for the euro area
 Monetary policy has been highly accommodative
 Figure 10. Change in responsiveness to Going for Growth recommendations from 2009-10 to 2011-12
 Figure 11. Key ECB interest rates
 Figure 12. Total central bank liabilities. Figure 13. Growth of bank credit to the private sectorFigure 14. The cost of credit in euro area countries
 Recommendations on monetary policy
 Stronger bank balance sheets are key to recovery
 Figure 15. Banks\' non-performing loans
 Figure 16. Cross-border bank penetration in Europe
 Figure 17. Banks\' holdings of general government securities
 Figure 18. Capital ratios and leverage ratios
 Strengthening banks\' balance sheets and completing the banking union
 Recommendations on regulation of the banking sector
 Remaining fiscal challenges. Figure 19. Primary budget estimates in a stylised scenario for reducing public debt over the medium termThe pace of consolidation is set to slow
 A fiscal capacity to enhance incentives for structural reforms
 Fiscal governance is being strengthened
 Recommendations on fiscal consolidation
 Bibliography
 Thematic chapter
 Chapter 1. Making the euro area function better --
the banking union and fiscal framework
 Towards a banking union
 Common bank supervision has been set on track
 Figure 1.1. Cross-border bank penetration in Europe
 Strengthening the European resolution framework. Bail-in rules for resolution funding have been establishedBox 1.1. Recognition of non-performing loans and bank restructuring matter: Some international experience
 Figure 1.2. Bank equity issuances in the EU and the United States
 Table 1.1. State aid to the financial sector in the EU, 2008-12
 Establishing a fiscal backstop
 Ensuring adequate bank capitalisation
 Box 1.2. Capital requirements according to the Capital Requirements Regulation (CRR) and Capital Requirements Directive IV (CRD IV)
 Figure 1.3. Banks\' holdings of general government securities.