European leaders are also setting up a new system to have the ECB monitor European banks centrally. The hope is that greater controls will keep banks' financial troubles from requiring national governments to make expensive bailouts that overwhelm public finances.

All these steps have helped calm fears that the eurozone will break up or suffer a renewed financial crisis through a government being unable to pay its debts. Now the focus has turned to economic growth, or rather the lack of it.

Analysts at Capital Economics warned that the signs of improvement so far only showed the economy shrinking more slowly â¿¿ still short of recovering.

Data "will need to rise considerably further to suggest that the eurozone and, in particular, its most vulnerable economies have truly turned a corner," they wrote.

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