Key highlights from the presentation by Vítor Constâncio, Vice-President of the ECB:
- The ongoing cyclical recovery in the euro area is now broader and more consolidated.
- The strong worldwide reflationary phase that seemed likely at the beginning of the year has not materialised. Therefore, normalising inflation and unemployment to acceptable levels continues to be quite difficult.
- The euro area peripheral countries have completed a notable adjustment phase.
- The euro area is thus better prepared to resist financial market shocks.
- Resuming real economic convergence among member countries is vital for the euro area.
- This is the next fundamental challenge and it will require more structural and institutional reforms both at national and European levels.
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