Eurozone needs action to recover lost ground

The eurozone economy continues to lag behind the other major developed economies in terms of its growth performance and labour market conditions.

The US has enjoyed moderate growth in the past couple of years, while economic conditions are improving in the UK and Japan. All three economies have seen job growth and a fall in unemployment in recent times.

By contrast, the eurozone economy remains mired in recession, with contracting output and a rising jobless rate. The unemployment rate is over 12% in contrast to the sub-8% rates in the US and UK.