3 Future of international trade Looking at the global landscape, positive economic data are not only coming from Europe. For the first time since a brief surge in growth in 2010 we are experiencing a synchronised recovery that is taking place broadly across Europe, the United States, as well as in China and emerging market economies.
We expect that the three-year longer-term refinancing operations will provide further support for the ongoing stabilisation in financial markets and, in particular, for lending activity in the euro area. All our non-standard monetary policy measures are temporary in nature. Furthermore, all the necessary tools to address potential upside risks to medium-term price stability are fully available.