And the broad stabilisation of oil prices has reduced the strong disinflationary pressures that were putting additional downside pressure on headline inflation at a time of economic hardship in many 1/4  BIS central bankers' speeches  regions around the globe.
The euro area too is now contributing to global growth, rather than subtracting from it, in large part thanks to the range of monetary policy measures taken by the ECB in recent years. This is certainly good news for Bosnia and Herzegovina, where exports to the euro area account for more than half of total exports.