Today, Mario Draghi was keen to highlight the difference between the U.E. in the mid of 2012 and the E.U. today. If last year investors lost their trust in the Euro zone, which were characterized as highly risky especially in the financial area, now, the situation has stabilized. Even if they operated slower, the ECB proved caution and the ability to make good decisions. The proof is represented by the OMT program which helps to better spread the capital in the Euro area. For these chances to occur, reforms were implemented. In this situation, when the system is being changed, the failure rate of the program drops significantly. Given the positive sentiment of investors, signs of recovery are expected later this year. Further, proceedings for implementing reforms and improving the system will go in three directions: structural reforms, growth-friendly fiscal consolidation and a sound financial system.

Meanwhile, Italy is still part of the weak side of Europe. Retail sales disappointed with -0.1% defining a period of considerable drops in consumer spending. The same for Belgium where business confidence declined in the manufacturing and building industries while Germany maintains its prospects for the business environment in line with expectations.

Doubtless, the worldwide slowdown is dictating the rhythm. The latest review is indicating the beginning of a long road of adjustments until a stable point is reached.