4  The eurozone outlook Focusing on the economic developments in the euro area, the economic sentiment indicator for the euro area rose to 107.8 in December 2016, reaching the highest since June of 2011, while consumer confidence remains at negative territory of -5.10, but in the highest level the last 20 months.
10  See G. Claeys and Z. Darvas, 2015. “The Financial Stability Risks of Ultra-Loose Monetary Policy”, Bruegel policy Contribution, Issue 2015/03. 6  BIS central bankers’ speeches  and potentially for a long time. 11 This is related to the so-called “secular stagnation” hypothesis.