ECB's Constancio: Recovery in euro area is now broader and more consolidated

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.