•  However, the efforts made to improve the institutional framework and to promote productivity in the euro area have also created favourable conditions for a sustainable recovery. •  The ECB’s accommodative monetary policy stance and the non-standard measures it adopted have helped to preserve financial stability, which is a necessary condition for growth.
1/3  BIS central bankers' speeches  This assessment is broadly reflected in the December 2017 Eurosystem staff macroeconomic projections for the euro area. These projections foresee annual real GDP increasing by 2.4% in 2017, 2.3% in 2018, 1.9% in 2019 and 1.7% in 2020.