First, I will describe how we assess at the ECB the use of the euro in foreign reserve portfolios. Secondly, I will briefly recall the available evidence on the use of the euro in foreign exchange reserves with a focus on recent developments during the global financial crisis.
Private consumption was also on the weak side in both countries. On the other hand, the euro area got off to a good start in 2016. Gross domestic product grew by a healthy 0.6 % on the quarter. Lively domestic demand, which benefited from low oil prices and the accommodative monetary policy, was a pillar of the upturn.