Grammatically Intricate Clause Complex

Third, the crisis [in the European and the global economy] has entered a second phase	characterised by a recovery	that is proceeding at a faltering pace	and is uneven across countries
α	= β
	α	= β
		1	+ 2

without unpacking the metaphor:

Third	the crisis [in the European and the global economy]	has entered	a second phase
	Actor	Process: material	Scope: process

characterised	by a recovery
Process: relational	Identifier Token

that	is proceeding	at a faltering pace
Actor	Process: material	Manner: quality

and	is	uneven	across countries
	Process: relational	Attribute	Location