In addition to expansionary policies in the countries where the public finances allow it, concerted action at European level could help to boost investment and consumption demand. The opportunities provided by favourable external conditions must not be missed; the conditions for transforming the capital now available into lasting productive investment have to be guaranteed.
Monetary policy and Europe Monetary policy in the euro area now faces challenges somewhat different from those addressed over the last two years. Economic activity returned to growth in 2013, but only in part of the euro area and at very uneven speeds. The most recent data confirm this. Credit market conditions remain difficult.