If this is the story, the recent apparent acceleration in growth will presumably before long lead to a noticeable renewed pick-up in inflation. While we should not completely discount this possibility, one shortcoming of this story is that the earlier slowing recorded in the GDP data was by and large not so apparent in other pieces of information, especially labour market information.
This respite is probably, nonetheless, only temporary and this opportunity must be used to fundamentally resolve the root causes of the crisis within the euro area. Another example would be the central bank swap lines which were introduced during the height of the crisis after the collapse of Lehman Brothers and still function as a backstop to maintain stability in global interbank markets.