Bond holders, for example, have been able to hold up sovereign debt restructurings and pension funds have been able to unseat Boards of Directors and Management. This has in a sense provided a counterbalance to the pressures within the market system, particularly stock valuations for consistency, improving performance to impress markets and investors.
Although private consumption is unlikely to grow because household incomes remain under severe pressure, exports are expected to increase gradually based on steady growth in emerging economies. In addition, business fixed investment in core countries is expected to remain firm. Nevertheless, restoring fiscal health is a challenge faced by all euro area countries.