cit. 28 Diaz del Hoyo, J., Dorrucci, E., Frigyes, F.H. and Muzikarova, S. (2017), “Real convergence in the euro area:a  long-term perspective”, Occasional Paper Series, No. 203, ECB, December. 29 Adjusted for purchasing power in euro area countries and excluding Luxembourg and Ireland.
The latter is borne by a steady decline in unemployment and by job creation and also by the prospect of inflation coming down once more to a low level after the increase in the autumn. The oil price rise has not seriously disrupted growth prospects. We can call it a “mini oil crisis”.