Let me now explain our assessment in greater detail, starting with the economic analysis. Euro area real GDP increased by 0.3%, quarter on quarter, in the fourth quarter of 2015, supported by domestic demand, while being dampened by relatively weak export trends.
Incoming data for the first quarter of 2016 point to ongoing output growth, at a pace broadly similar to that in the final quarter of 2015. Looking ahead, we expect the economic recovery to proceed. Domestic demand, in particular, continues to be supported by our monetary policy measures. Their favourable impact on financing conditions, together with improvements in corporate profitability, is benefiting investment.