Private consumption in the euro area has been on a downtrend since 2011 against the backdrop of the debt problems. Car sales have been particularly weak. Looking at exports and production, exports to outside the area had been solid, primarily in Germany with its competitive edge, owing in part to the depreciation of the euro to date.
Should that judgment prove misplaced, however, the FOMC is prepared to do what is required to fulfill our obligations to achieve the maintenance of price stability so as to ensure maximum sustainable economic growth. BIS Review 36/2004  3