The first was the so-called “good” scenario, where every player did what it had promised and all four parts of the plan were delivered. It is important to stress, however, that this was not a Goldilocks scenario by any means, just something that, in a rough and ready way, would satisfy the requirements of the G-20 Framework.
In order to reap the full benefits of our monetary policy measures, actions in other economic policy areas are necessary to strengthen long-term growth and resilience in the euro area. The euro area’s ongoing economic expansion is being largely driven by domestic demand, with both private consumption and investment contributing to growth. Real GDP rose by 1.7% in 2016.