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The economic recovery of the Euro Area continues, although at a slower pace than at the beginning of the year. The economy expanded by 0.4 percent in the second quarter, which is a slightly lower performance than the 0.5 percent seen in the previous quarter. Market turmoil in China and other emerging markets could further pose a threat to the current recovery. In addition, this month’s report looks into the quantitative easing (QE) program, implemented by the ECB to increase inflation, and provides analysis of the QE’s transmission channels and their impact on the European economy so far.