As soon as the new year started, European policymakers cautiously hailed that the threat of the Eurozone collapse died away. However, analysts think it is no time to relax.
German Finance Minister Wolfgang Schaeuble said that the single European currency is “over the worst of the crisis”. He praised the reforms the Italian and Spanish governments have carried out and lauded the progress made by Greece.
EU Economic and Monetary Affairs Commissioner Olli Rehn finds the current situation reassuring too, but he still calls for more action. “The eurozone is unlikely to split anytime soon, but the countries should push forward structural reforms to bring the region’s economy back on track,” he said.
Mario Draghi, head of the ECB, seems to be particularly optimistic. He is certain that the Eurozone economy has now moved to the phase of sustainable growth.
Despite the mood in the anti-crisis think tank improved, Jean-Claude Juncker highlighted the need for further measures to heal the Eurozone. "The worst probably is over, but we have some difficult years in front of us and solving the problems will require a good deal of political courage," he warned.
In general, analysts suppose that 2012 was so harsh for good reason and believe that European leaders will manage to cure the European Union of the crisis by November of 2013.