4  BIS central bankers’ speeches  there is a risk of introducing a new source of tensions among different Member States within the euro area. Regardless of its individual proposals, in my view the key questions to ask about the Report are two: Are we going in the right direction? And, are these efforts sufficient?
For euro area countries, which are highly open to trade and where an important component of the recovery remains driven – for now – by external factors, the prospects for trade are also crucial. Challenges for euro area Let me now turn to the main challenges facing the euro area. The euro area outlook is slowly improving.