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Global Economic & Market Outlook (July 2014)

Global economic growth is expected to gain momentum in the second half of the year. Along the Fed’s exit path, misalignments of Fed’s intentions and markets’ perceptions could disrupt global capital flows. In the euro area, implementation risk with respect to structural reforms remains due to abated market pressure and reform fatigue. Although somewhat receded by the ECB measures, the risk of deflation in the euro area persists due to anemic recovery rates.