Latest projections by the ECB suggest that euro-area GDP will grow by 1.0% in 2014 and by 1.7% in 2015. And this recovery is not only driven by the “core euro-area” countries such as Germany. Some of the crisis-hit countries have also finally embarked on the path to recovery. It seems, then, that the efforts to implement structural reforms are indeed bearing fruit.
Owing to the topping-up of provisions for general risks – which my colleague Dr Weidmann has already explained – the net result of financial operations closed the year with a net expense of € million, following net income of € million in the previous year.