• If necessary reforms are made, reason to be positive
  • Growth based on price stability
  • Euro’s foundations are strengthening
  • Governments implementing policy reforms, ECB providing price stability
  • OMT program has removed unfounded euro fears, eased market concerns
  • Bond program can only build a bridge
  • Govts must use upturn to strengthen reforms; key challenge
  • Deficits falling in euro area nations, competitiveness improving