As we are an 18 country monetary union this is necessarily a complex question in the euro area, but let me nonetheless give a brief overview of how the ECB currently assesses the situation.
2  BIS central bankers’ speeches  Figure 1 Change in the unemployment rate since 2008 – the euro area and the US  The long recession in the euro area The first point to make is that the euro area has suffered a large and particularly sustained negative shock to GDP, with serious consequences for employment.