The financial crisis catapulted the 16-country eurozone into its first recession since the currency was launched 10 years ago. Now, after a tremendous bout of government spending, the bloc's combined economy appears to be picking up, but the outlook is still uncertain.

The eurozone report spells out the challenges ahead and calls for broader economic coordination and more financial supervision to keep the upswing going. It also recommends governments keep a close eye on their finances, as many borrowed heavily during the spending spree.