Indeed, the only positive contribution to euro area real GDP growth in 2015 came from domestic demand, which in itself highlights how important our monetary policy measures have been in supporting the recovery of key euro area spending  BIS central bankers’ speeches  1  components.
1 Monetary policy has been practically the only expansionary macro policy in the euro area, the recovery would have been much weaker without it. Concerns over the weakness in the global economy generated apprehension in financial markets earlier in the year, but have receded somewhat since then.