11901 6 See Deutsche Bundesbank, The macroeconomic impact of quantitative easing in the euro area, Monthly Report,  June 2016, pp 29–53. 7 Viral V Acharya, Tim Eisert, Christian Eufinger and Christian Hirsch (2017), Whatever it takes: the real effects of  unconventional monetary policy, CEPR Discussion Paper DP12005.
The US upswing is gaining momentum, and the euro area is showing encouraging signs with positive growth in the last three quarters. Now the debt-ridden southern European economies are also beginning to pick up – with Greece as the exception. Interest rates have fallen in these economies, and government yield spreads to Germany have narrowed.