All the same, I would like to stress that, in many ways, the euro area is in better shape today than it was before the crisis. This is thanks to measures taken by its member states as well as changes to the structure of the monetary union, both of which I will now focus on briefly.
Although most recent analyses seem to indicate that in the euro area it lies within a corridor of 2% to 3%, I would not be surprised if the lower bound of the estimated range is revised downwards as a result of the lower growth in productivity in the euro area during the past ten years.