The EU spent most of 2014 in a state of suspended action. There was the seemingly interminable run-up to the May EU elections – in which the EU commission all but stopped working. And then the equally drawn-out post-election phase as it went through its changing of the guard.
The process was finally completed in November. There are new faces in the European Parliament. A new team in the European Commission. A new chief in the European Council.
Now that the power reshuffle is over, the focus in 2015 will be on making good on those numerous promises to boost the EU economy and reduce unemployment.
The starting point is grim. The EU is projected to to grow by just 1.5 percent; the eurozone by 1.1 percent.
Eleven of the 28 member states will have double-figure unemployment, topped off by Spain and Greece where a quarter of the workforce is without a job.
Deflation remains a persistent concern – the inflation rate in November 2014 dipped to 0.3 percent, far below the 2 percent target aimed at by the European Central Bank (ECB).
And the sluggish growth continues despite the eurozone bank throwing the toolkit at the problem, including charging banks for depositing money with it and launching a programme to monetise assets held by national lenders – actions meant to spur them to lend money to the real economy.
