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At the same time, this outlook is getting worse and worse. And it's getting worse and worse in manufacturing, especially. And it's getting worse and worse in those countries where manufacturing is very important. But because of value chains, this propagates all over the eurozone. And so this must be taken into account.
And the reasons were basically found to be in the general uncertainty that's now been with us for several months, actually more than a year, and which relates, as I've said many times, to trade wars, to geopolitical tensions, to now also the possibility of a hard Brexit certainly is another factor to take into account. Therefore, a significant degree of monetary stimulus continues to be necessary to ensure that financial conditions remain very favourable and support the Euro area expansion.
