The European Commission expects eurozone GDP to grow 1.2%

This year and 1.7% in 2015 following two consecutive years of contraction. The commission cut its inflation forecast to 0.8% for 2014 and 1.2% for next year, although it believes that the probability of deflation is low. "Overall, the outlook has improved, but it remains conditional on continued credible action on several fronts at national and EU levels," says the EC's Marco Buti.