Last week the IMF revised its figures for growth in the Euro area upwards in line with earlier ECB projections. Incoming hard and soft data for the second half of the year do not warrant increased pessimism.
In the course of the crisis of the past three years the ECB and the Eurosystem were forced to act very fast, boldly and innovatively in order to ensure their long term goal of price stability and the functioning of the transmission mechanism. Their monetary policy interventions were successful.