Europe in 2015: A year of insecurity - by Gavin Hewitt

For Europe, 2015 will witness another attempt to reach a place of safety. For the past two years European officials and leaders have declared the economic crisis over. In the past six months a sense of foreboding has returned.

The dangers are not the same as 2012. There is no danger of countries being unable to fund their debts. The threat now is of stagnation and deflation.

European officials have warned time and again that the failure to create growth and new jobs risks not just social tension but support for the European project. Currently the economy will not return to its 2007 level until 2020.

In 2015 economic recovery will be uneven. Demand is chronically weak. Germany will remain the engine room of the European economy but will not be the powerhouse it was two years ago. Growth in France will be around 0.7%. Italy should edge away from recession but the eurozone is not expected to achieve growth of more than 1% and that will not be enough to dent an unemployment rate that remains at 11.7%.

Once again eyes are turned towards the President of the European Central Bank, Mario Draghi. Sometime in the first three months of the year he is expected to turn on the taps, boost demand and buy sovereign bonds. It may not be straightforward however. There is opposition in Germany; there may well be legal challenges and there are doubts over what impact all of this will have.

Read more: BBC News - Europe in 2015: A year of insecurity