* * *  The euro area recovery has been firming and broadening across sectors. GDP has posted 15 consecutive quarters of positive growth. The unemployment rate has reached its lowest level since 2009. The February composite output PMI stands at its maximum since April 2011.
And consumer confidence, despite a slight decline in February, has so far remained undeterred by the elevated political uncertainty. Overall, these indicators suggest that the cyclical recovery may be gaining momentum. The ECB’s monetary policy has been a key contributor to this positive track record. It has ensured supportive financial conditions and facilitated their pass-through to the borrowing costs of firms and households.