The fiscal drag from austerity will be smaller this year, as the European Commission becomes more lenient. And the start of a banking union also helps; following the latest stress tests and asset quality review, banks have greater liquidity and more capital to lend to the private sector.
其他因素也起到了帮助作用。欧洲央行的信用宽松事实上不贴了银行贷款。随着欧盟委员会标准的放宽，因紧缩而导致的财政拖累今年也有所减小。银行联盟的启动也有所助益；在最近的压力测试和资产质量检查后，银行拥有了更大的流动性和更多的资本用于私人部门贷款。