This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of the euro area were reviewed by the Committee on 19 February 2014. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 21 March 2014.The Secretariat’s draft report was prepared for the Committee by Eckhard Wurzel and Jean-Marc Fournier under the supervision of Piritta Sorsa. Research assistance was provided by Isabelle Duong, Annamaria Tuske, Valery Dugain, Tomasz Berg and Satoshi Serizawa.The previous Survey of the euro area was issued in March 2012.