ING Bank head of macro and consumer economics Maarten Leen says in the latest eZonomics economic update video that the European leaders’ 8-9 December summit calmed the crisis.
But question marks still hung over whether the rescue funds were big enough to reassure financial markets and how policymakers expected to restore growth.
Leen says the European Central Bank was expected to cut interest rates further.
Slow United States growth
Leen says growth in the United States was also slow and weakness in the Europe would not help. Interest rates in the United States were already very low - and they were forecast to stay that way next year.