In a currency union, the interest rate hike for a highly indebted country is smaller than it would be if it had its own independent currency.
Yet, global factors weigh on euro area growth. 1/4  BIS central bankers' speeches  To be sure, there are tentative signs of stabilisation. Forward-looking indicators have become in slightly more optimistic, as the Purchasing Managers’ Index on manufacturing business expectations in 12 months’ time have increased in the five consecutive months through January to the highest level in 18 month.