Signs of hope for the Eurozone, which according to the latest ECB monthly bulletin will record an economic recovery in 2012 compared to last year. Even if the process will be "very gradual", the worst part of the recession should now be over. What will help above all will be the very low short-term interest rates and the various measures taken to promote the smooth functioning of the euro area financial sector.
Tensions on the financial markets then eased following the monetary policy measures taken by the Governing Council of the Frankfurt institute, as well as the reforms to restore the accounts in various countries of the area. The analysis by the ECB yesterday found confirmation in the data on GDP: if Italy suffered a clear contraction (-0,7%) from the previous three months, for the currency area as a whole the decline (-0,3 %) was instead less acute than expected thanks to less weak performances by Germany and France.
Nonetheless, the ECB maintains a very cautious stance: "The economic prospects remain subject to high uncertainty and downside risks", determined above all by the persistent market tensions on public debt securities of the countries of the area, by any unfavorable trends in world demand and from raw material prices.
