The year 2010 saw the first signs of positive economic growth after the EU fell into deep recession, with an annual GDP growth rate of 1.8%. After experiencing strong growth in the first quarter of 2011, affected by such factors as roaring oil price, fatigue global growth and the European sovereign debt crisis, the growth rates slowed and the European economy was caught into stagnation. It is estimated that the average annual growth rate of the EU will fall to about 1.7% in 2011. Ever since the outbreak of the European sovereign debt crisis, it has adversely affected the European economy and become a focal point arousing global concerns. To address this crisis, the EU has taken a set of measures with equal stress on short-term bailout plans and medium to long-term economic reforms. A long process must be endured before at last pulling the European countries out of the crisis. <<