Since EUROFRAME published its economic assessment of the Euro Area last year (EUROFRAME 2014), conditions have disimproved somewhat. Our forecast for 2014 last year was a full half a percentage point greater than that actually realized as the tentative recovery from recession evident in 2013 dissipated throughout 2014. It now appears the Euro Area will only grow by 0.8 per cent in 2014. While world GDP in 2014 did not grow quite as strongly as envisaged, it will still increase by 3.3 per cent. Unlike the Euro Area, the anticipated recovery in the US expected last year has all but materialized.