BIS central bankers’ speeches  1  If things turn out the way we expect them to, the German economy will grow considerably faster than the economy of most other euro-area countries. Nor are prospects brightening up for Germany alone.
Most of the crisis countries, if they haven’t yet put recession behind them, can at least see the light at the end of the tunnel. Another positive factor is that the heterogeneity in the euro area as regards economic growth, which was still very pronounced in 2011, has declined significantly over the last two years.