The recovery underway in the euro area is spreading by sector and geography and is gathering momentum. Confirmation of a broadly balanced risk outlook is within realistic reach. The extraordinary monetary policy measures introduced since 2014 are bearing fruit. The financial sector has an important role to play in supporting this recovery and ensuring continued resilient growth in the future. My intention today is to give a brief overview of the recovery, before making a few remarks about financial institutions that are relevant to the current situation.
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