When we measure monetary liquidity, we do not look at the balance sheet of the Eurosystem. We look at the balance sheet of the euro area banking sector. Only the latter shows the interaction with the real economy. And it tells us that the growth of money and credit remains very subdued, despite a recent stabilisation.
As regards the external balance, given the extent and the length of the period of the appreciation of the exchange rate of the euro, some restraining effects on exports of the euro area will be felt in the period ahead.