At present, the euro area is benefiting from the inventory cycle and a recovery in exports, as well as from the  BIS Review 158/2009  1  significant macroeconomic stimulus under way and the measures adopted to restore the functioning of the financial system.
However, a number of the supporting factors are of a temporary nature and activity is likely to be affected for some time to come by the ongoing process of balance sheet adjustment in the financial and the non-financial sector, both inside and outside the euro area.