This is the peer reviewed version of the following article: Benczes, I., & Szent-Iványi, B. (2015). The European economy in 2014: fragile recovery and convergence. Journal of common market studies, 53(S1), 162–180, which has been published in final form at http://dx.doi.org/10.1111/jcms.12266. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.