Could growth in the euro zone slow down much more than expected?

The various forecasters expect growth to slow moderately in the euro zone. But is there reason to fear a much sharper fall in growth? The various available cyclical indicators show a downturn in activity, albeit not a considerable one; Causes of a sharp fall in growth could be: The fall in real wages due to rising oil prices and inflation and the low degree of nominal wage indexation to prices; The effect of uncertainty on corporate and household investment; Th e downturn in industrial activity under the effect of a marked slowdown in exports.