Being the largest economic block in the world, a united Europe is more capable in defending its economic interests than a divided Europe. This applies for instance to the trade negotiations in the World Trade Organisation. More importantly, European integration has fostered the competitiveness of European companies, in particular by the creation of the internal market.
Looking ahead, we expect the euro area economy to recover gradually in the course of this year. The outlook for economic activity should be supported by foreign demand, the very low short-term interest rates in the euro area, and all the measures taken to foster the proper functioning of the euro area financial sector.