In the euro area, the recovery remains fragile at best. The modest economic growth seen during the second half of 2013 and early 2014 is fading, with large euro-area countries driving the slowdown.
Difficulties in the euro area have been exacerbated by fiscal consolidation policies, which have suppressed internal demand without, in most cases, counterbalancing increases in exports. So far, wage moderation strategies, which have been at the core of policy-making in many euro area countries in the aftermath of the crisis, have had very limited effect in boosting competitiveness and jobs.
― World employment and social outlook: Trends 2015/ International Labour Office. Geneva: ILO, 2015, pág. 33
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