Real GDP in the euro area rose by 0.2%, quarter on quarter, in the first quarter of this year. Economic indicators, including survey results available up to June, signal a continuation of the very gradual recovery in the second quarter of 2014.
This is because all the additional liquidity provided has subsequently been compensated for by means of the provision of less liquidity later on. What has changed has simply been the timing of the provision of liquidity to banks.