It is very difficult to study the operations of Credit Unions if there are no effective data on individual unions and on the industry as a whole.
Together, this should help stabilise euro area economic activity and lead to a gradual recovery in the second part of the year. At the same time, necessary balance sheet adjustments in the public and private sectors, and the associated tight credit conditions, will continue to weigh on economic activity. This economic outlook for the euro area remains subject to downside risks.