For the remainder of my remarks, I will mainly talk about two issues: first, our current economic outlook and the upcoming reassessment of it at our December meeting; and second, as requested by ECON coordinators, the macroeconomic adjustment programmes over the last half-decade and the ECB’s role in them.
Economic developments and monetary policy Incoming data confirm that the recovery in the euro area is progressing moderately. So far, economic activity in the euro area has shown some degree of resilience in the face of external influences that tend to weaken demand. While external demand has receded, euro area exports market shares have increased.