The most visible example was the adoption of the Single Market Act in April 2011 by the European Commission. A Single Market Act II will follow by the end of this year. But there are many other ongoing initiatives, some of which had been started even before the outbreak of the financial crisis.
A further fall in the exchange rate, which is not assumed in the forecasts, would add both to growth and prices. If one thinks that such a decline at some point is likely, that constitutes an “upside” risk. Of course, the list of countries that would prefer a lower exchange rate is a long one and we can’t all have it.