With regard to final demand, business fixed investment continues to decrease and private consumption, despite some resilience, remains weak as a whole. Moreover, housing investment remains sluggish and public investment continues to decline. Meanwhile, net exports (real exports minus real imports) continue to increase significantly due to the recovery in overseas economies and also to the effects of restocking abroad, mainly in IT-related goods.
Monetary policy will best contribute to the long-term growth prospects for the euro area if it remains firmly focused on the maintenance of price stability. This will create a stable monetary environment for economic agents to operate in.