And being part of the Eurosystem, I will concentrate on what is in the mutual interest of both Germany and the US: the conditions for a sustained and stable recovery in the euro area. 2. The economic situation in the euro area  The already modest economic recovery in the euro area faltered in the second quarter. Seasonally adjusted GDP remained unchanged in spring.
There is increasing awareness that portfolio decarbonization – especially if carried out in a non-forward-looking manner – may actually be ineffective to decarbonize the economy as well as to manage transition risk.