Our monetary stimuli are still being transmitted, but our monetary policy is not currently reaching all euro-area countries in equal measure. That fact is connected, not least, with the lack of credit demand in some countries and the deleveraging process in their banking systems. Yet these adjustments are all appropriate and necessary to enable these economies to stand on their own two feet again.
Conclusion Europe is in the process of reforming its economy so as to adapt to the challenges of globalisation, technological change and ageing. Significant progress has already been achieved as reflected by the significant rise in employment growth.