On the other, there are concerns about the macroeconomic and financial implications, how long they will persist in impacting the economy, the possible distortions that they could confront public policies with, and the ultimate incidence of the financial burden. 2. Let me, in a modest way, try to eclectically address both sides of the debate.
Some of the downward risks to economic growth identified earlier, in particular those related to persistently high oil prices, appear to have partially materialised over the past few months. At the same time, when looking beyond the short term, conditions remain in place for stronger real GDP growth. On the external side, euro area exports should continue to be supported by foreign demand.