During the past couple of years, economic headwinds have swept through Portugal and the euro area at large. However, we are seeing signs of recovery. Nevertheless, important challenges remain as the euro area continues to be weighed down by low potential growth and high structural unemployment.
In my remarks today, I will consider the state of the euro area recovery, the role of monetary policy and finally the steps needed to strengthen the euro area and the EU. The state of the euro area The euro area recovery is currently proceeding at a moderate pace.