Exports are picking up, led mainly by mobile phone parts and other IT-related goods as well as automobile-related goods including parts, while production is also improving in line with the progress in inventory adjustments. Consumption lacks vigor despite somewhat increasing its resilience recently.
And once the decision to establish the SSM had been made, the ECB assumed a key role in bringing about this change in only one year. The setting-up of European banking supervision has been the largest step towards deeper integration since the creation of our Economic and Monetary Union.