Since EUROFRAME published its economic assessment of the Euro Area last year (EUROFRAME, 2013) relatively little has changed. Our forecast for 2013 was almost identical to our latest estimate for growth in that year and we are again forecasting growth in the Euro area economy in 2014 of 1.3 per cent. However, some of the detail is different. Last year we envisaged a slow turnaround in the world economy and the outturn has been broadly as expected, although world GDP growth was slightly disappointing. Growth in the US was less vigorous than we had anticipated and the slowdown in growth in the emerging economies turned out to be more protracted than expected.