According to Eurostat’s flash estimate, euro area annual HICP inflation was zero last month, –0.1% in March, up from –0.3% in February 2015 and –0.6% in January 2015, despite the fact that both  BIS central bankers’ speeches  1  measures of money supply, the broad M3 and the narrow M1 have been picking up this year (by 4.5% and 9.5% year-on-year respectively in the first quarter of 2015).
The capital market reform agenda is huge and the barriers are formidable… but… as the characters in the Broadway play, Wicked, would sing, we must go beyond our limitations and… “defy gravity.” Concluding thoughts Moving ahead does not happen on its own. Progress has to be moulded, packaged and timed.