On 5 May 2014, Siim Kallas, Vice-President of the EC in charge of Transport and Economic and Monetary Affairs and the Euro (pro term), presented the Commission's Spring Economic Forecast. The forecast points to a continuing economic recovery in the EU following its emergence from recession one year ago. Real GDP growth is set to reach 1.6% in the EU and 1.2% in the euro area in 2014, and to improve further in 2015 to 2.0% and 1.7% respectively. The forecast covers the years 2013, 2014 and 2015. It rests on the assumption that the agreed policy measures will be implemented by Member States and the EU, taking forward the necessary adjustment.