While the general approach underlying the ECB’s forecasts is similar to that adopted by the IMF, the ECB has used data relating specifically to the euro area for the calculation of potential losses on loan exposures. However, this correction is necessary and should allow economic conditions to eventually stabilise and improve.
The policy response in the euro area In response to the crisis, policy-makers across the globe have taken extraordinary and unprecedented steps. In particular, the euro area and the EU as a whole have demonstrated their ability to act decisively and promptly in difficult circumstances. National measures have been coordinated in a pragmatic manner with a view to enhancing their effectiveness through mutual reinforcement.