Looking at 2014 and 2015, output is expected to recover at a slow pace, in particular owing to some improvement in domestic demand supported by the accommodative monetary policy stance. Euro area economic activity should, in addition, benefit from a gradual strengthening of demand for exports.
We should hope it will, since it will signal that the US economy is well established on a  BIS central bankers’ speeches  1  recovery track, and it will start to lessen some of the uncomfortable spillover effects unavoidably associated with the present set of policies.