Mario Draghi, the ECB’s president has been widely credited for helping foster the more optimistic tone in the markets but he admits there’s still a long way to go.
‘‘The year that is about to end will be remembered not only for the effects the European sovereign debt crisis has had on the euro and for the significant weakening of the European economy, but also for the responses to these challenges by the ECB, national governments and the European Union,’’ he said in a speech at Univerisita Bocconi in Milan.
‘‘Ultimately, it is up to governments to dispel once and for all the persistent uncertainties that markets perceive and citizens fear,’’ Draghi added.
The wider 27-nation EU, which includes non-euro countries, avoided the same recession fate as the eurozone. Eurostat said the EU’s output rose 0.1 percent during the third quarter, largely on the back of an Olympics-related boost in Britain.
The EU’s output as a whole is greater than the U.S. It is also a major source of sales for the world’s leading companies. Forty percent of McDonald’s global revenue comes from Europe—more than it generates in the U.S. General Motors, meanwhile, sold 1.7 million vehicles in Europe last year, a fifth of its worldwide sales.