Basic statistics of the euro area (2009) 
Executive summary 
Assessment and recommendations 
Chapter 1. Exiting from the crisis
-The financial crisis triggered a severe recession
-Policy support has helped to stabilise the economyand encourage recovery
-A moderate recovery is under way
-A coherent approach to economic governance is required at euro area, EU and national levels
Chapter 2.  Resolving and avoiding unsustainable imbalances
-Large and persistent external imbalances built up during the upswing
-External balances have been driven by internal economic and financial imbalances
-Measure to restore stability in the near and longer term are needed at European and national level
-Annex 2.A1. Net financial assets by sector
Chapter 3. Rebuilding the public finances and fiscal discipline
-Fiscal consolidation is required
-Sound fiscal policy would contribute to more effective economic stabilisation
-Strengthening fiscal discipline
Chapter 4. Minimising risks from imbalances in European banking
-The bank lending cycle was unsustainable and contributed to imbalances
-Upgrading regulation and supervision to reduce risk
Glossary