It is not unusual, at this point of the recovery, for the inventory dynamics to be playing a prominent role in pushing up output. Nonetheless, the question is the extent to which a durable upswing in private final demand in the various countries will become established.
Most observers expect this to be a fairly gradual process, given the lingering effect of the strain on banking systems and ongoing de-leveraging, not to mention the need, at some point, to begin the process of fiscal consolidation.