With the annual collection of world leaders for Washington’s Spring Business Conference looming next month, and recent numbers for the first quarter already in, the recession is over and recovery has officially begun. China’s economy has grown by over 11% since a year ago, Singapore’s grew an astounding 32% last quarter, the U.S. had 3% growth, but Europe, one of the world’s most important economic regions, had just 1% growth.

Part of the problem is Greece. Just days after a European bailout was arranged, doubts about Greece’s ability to recover and potentially defaulting are rampant. Because the $16 billion allocated to Greece will be paid at near market value, the country is subject to all of the jolts of the market without an interest rate ceiling. While this flaw is being currently addressed, other economies like Portugal, Italy and Spain also look weak in comparison to Northern European countries. Over the past decade, these countries saw prices and wages rise more quickly than the euro-area average and ran up huge debts. Now their recovery is stilted as the rest of the European economy is ready to grow, without the deficits that hamper these countries.

Another part of the problem is that European consumers are not spending money. Germany’s reliance on exports is a good example of how not enough purchasing power is being exercised.