Global growth is strengthening, driven by recovery in advanced economies and steady growth in emerging markets like China and India. Unemployment remains high, especially in the euro area, despite falling rates. Inflation is declining in the euro area, raising deflation risks. Monetary policy needs to adjust as quantitative easing ends in the US while fiscal policy has stabilized debt levels but must further reduce debt. Structural reforms are also needed to address economic scars of the crisis and boost potential growth.