Survey-based euro-zone activity indicators like the composite PMI have continued to strengthen in recent months, raising the prospect that the currency union’s economy may finally emerge from its near two-year recession in the third quarter. However, the continued weakness of the news on money growth and banking lending - the so-called “second pillar” of the ECB’s monetary policy strategy - suggests that further policy stimulus may well be needed if the recovery is to gather further pace and be sustained.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services