And this recovery is not only driven by the so called “core countries” such as Germany. Some of the crisis-hit countries have also finally embarked on the path to recovery. And those which have not can at least see the light at the end of the tunnel. Take Greece for example, which has been at the centre of the crisis since May 2010.
See also W den Haan, M Ellison, E Ilzetski, M McMahon and R Reis (2017), ‘The Future of Central Bank Independence: Results of the CFM-CEPR Survey’, 10 January and Fels J (2016), ‘The Downside of Central Bank Independence’, PIMCO Macro Perspectives, May. [3]  Adam Posen reached the same conclusion in his PhD thesis.