That said, monetary policy can support short-term growth but it cannot lift production and living standards in a durable way. This can only happen if euro area governments use this window of opportunity to step up reforms in their economies. Last, but not least, some questions regarding Greece. The Greek government has declared that the Troika and the Memorandum of Understanding no longer exist.
How would you describe the state of play? On 24 February, the European Commission, European Central Bank and International Monetary Fund considered the list of reforms presented by the Greek government as a valid starting point for a successful completion of the review under the current arrangement, and the Eurogroup agreed to extend it by four months.