Despite the 2015 Greek crisis, total growth in the single currency area has exceeded that in the US for the past two-and-a-half years, with the eurozone expanding 5.1 per cent over the period compared with 4.6 per cent for the US.
An even more encouraging sign, according to Mr Praet, is the broad-based nature of the eurozone’s revival, which suggests a more robust recovery. Italy’s economy grew 0.4 per cent in the first quarter, while Portugal’s GDP jumped 1 per cent.
And this (don’t get too carried away with that Phillips curve!):
Economists say the fall in May’s inflation rate to 1.4 per cent, from 1.9 per cent in April, removed any immediate pressure on the ECB to act.