While there are signs that some of the idiosyncratic domestic factors dampening growth are fading, global headwinds continue to weigh on euro area growth developments. The persistence of uncertainties, related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets, is leaving marks on economic sentiment.
The Basel Committee is also discussing how to address this issue and some countries have  2  See “The European Crisis and the role of the financial system” speech by Vítor Constâncio, Vice-President of the ECB, at the Bank of Greece conference on “The crisis in the euro area” Athens, 23 May 2013. http://www.ecb.europa.eu/press/key/date/2013/html/sp130523_1.en.html.