The euro area will contract by 0.6% in 2013 before growing by 1.1% in 2014.
But the divergent situations among the euro area's members will always make this a delicate maneuver.
Collectively, the euro area accounts for a big share of the demand for global savings.
The Euro Area has strengthened its fiscal frameworks with the adoption of the Fiscal Compact.
The euro area unemployment rate, at close to 12 percent, is at its all-time high.
There are downside risks, especially in view of the latest political developments in the euro area.
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Unemployment remained steady in the euro area at 8.3% of the labour force in June.
The Merkel-Sarkozy letter also called for "a renewed contract between the euro area member states".
Countries that still had work to do included the euro area and Japan, said Ms Lagarde.
"My party fights for the dissolution of the euro area, " he told the BBC.
In truth many of the euro area's supposed strengths were always more apparent than real.
If it's lacking, the euro area's financial crisis will probably not be its last.
But there is also an important lesson for the 12 members of the euro area.
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Although Germany is leading the pack, businesses throughout the euro area are feeling perkier.
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This is not to deny that the euro area's economic performance has been dismal.
These differences suggest that a recovery in the euro area might prove longer-lasting than in America.
The arrival of Europe's single currency will also increase price competition in the euro area.
One is the impact of such a tenuous recovery on monetary policy in the euro area.
The average jobless rate in the euro area held steady at 8.8% in the same month.
The fifth test will highlight the euro area's disappointing record on growth and jobs .
In the euro area, it was up to 2.5% in May, from just 1.6% in February.
Differences in debt and competitiveness will make it harder to manage the euro area.
After all, growth has slowed more sharply in America than it has in the euro area.
Most economists expect the pound to turn down as the euro area, especially Germany, recovers.
Hysteresis has historically been a bigger threat in the euro area than in America or Britain.
Neither the slowdown in the euro area, nor troubles in Croatia and Serbia, have affected it.
Over 13m people in the euro area 10.3% of the labour force are out of work.
He suggests that 4% might be a sensible inflation goal for the euro area.
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At first sight, the results from the euro area do not look encouraging, moreover.
Inflation was mixed in the euro area in July, but the trend remains downward.
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