Although, in line with the ECB’s projections recent data and surveys indicate a moderation of growth in the second half of this year in the Euro area as well as on the global level, I am confident that the positive underlying momentum is increasingly broader based and signals a self-sustaining recovery in the Euro area.
In my view, therefore inside the Euro area the gradual pace of adjustment of the monetary policy stance, of the overall provision of liquidity and of its allotment modes can continue. The Euro: sound track record in the first decade In a longer perspective the performance of the currency union is far more flattering.