That suggests that the household sector’s debt burden, which weighed on the economy after the Lehman shock, has been gradually easing. It is also expected that a decline in gasoline prices since early spring will increase households’ real purchasing power and underpin an increase in private consumption.
Therefore, while the pace of growth might not accelerate markedly, it is likely that a moderate recovery will basically continue without interruption. The European economy as a whole has been stagnant, due partly to the European debt problem, which I will talk about later, and will continue to be in a severe situation for the time being.