Second, the monetary policy measures taken by the ECB since the middle of last year, which have led to a significant easing of financing conditions and protected the euro area from second round effects from this oil price drop, thus amplifying its benefits.
And third, the successful structural reforms that have been implemented in several countries in recent years, which are now starting to produce results. These effects look set to persist for some time, meaning we can rightly be optimistic about the outlook. But this does not mean we should rest on our laurels.