That makes them hesitant to cut  3  Hallissey et al. (2014). 4  Department of the Environment, Community and Local Government. 5  Central Statistics Office. 2  BIS central bankers’ speeches  lending even if they grow worried about credit risk.
This outlook is broadly reflected in the December 2015 Eurosystem staff macroeconomic projections for the euro area, which foresee annual real GDP increasing by 1.5% in 2015, 1.7% in 2016 and 1.9% in 2017. Compared with the September 2015 ECB staff macroeconomic projections, the prospects for real GDP growth are broadly unchanged.