Unrelated to Greece, the ECB gave the green light to non-standard measures as a means of addressing the risks associated with too prolonged a period of low inflation. To obtain a clearer picture, let us take a tour of the euro area to see where we stand at present and where we are headed in the future.
Unsurprisingly, I will begin by focussing on the growth prospects of the German economy, not only because this is my home country but also because it is the largest economy in the euro area. 2. The German economy – in good shape but challenges ahead  At the beginning of 2015, the German economy remains in good shape.