The Euro Area economy continues to
grow, even though growth has been losing steam. We expect output growth to be 2
percent in 2018 and 1.9 percent in 2019, which is higher than the long-term
trend for the next decade. These figures are a constant reminder that the main
problem with the European economy is the long-term growth potential, not the
current outlook, that, all in all, is still very positive.