The year 2014 witnessed the preliminary achievements reached in the European economy through the structural reforms，although the economic situation in the member states was quite diversified. The general picture can be summarized as the following. Firstly，the growth rate was higher in the non-Eurozone countries than that in the Eurozone. Secondly，the economic growth was stronger in the heavily indebted countries which had received the financial assistance than those not having joined the bail-out programmes. Thirdly，Germany as the engine of the European economy suffered from the weak growth in the Eurozone. The ECB announced a massive asset purchasing programme against the deflation in the Euro area，in order to smooth the financial transmission channel and to stimulate economic growth. <<