The FT's Frankfurt bureau chief Claire Jones explains how inflation that has risen higher than the target set by the European Central Bank has pressured bank policy, though ECB president, Mario Draghi, remains positive.
The recovering investment continues to be promoted by very favourable financing conditions and improvements in corporate profitability.
Moreover, rising employment, which is also benefiting from past structural reforms, is having a positive impact on households' real disposable income, thereby providing support for private consumption.
Also, there are signs of a somewhat stronger global recovery and increase in global trade.
So for the first time in more than four years, we now have inflation in the eurozone that is higher than the European Central Bank's target of below but close to 2%.
What has that meant? It meant that going into today's meeting of the European Central Bank's Governing Council, Mario Draghi was under some pressure to change his rhetoric on the eurozone's economy.
Up until this point, Draghi has been quite gloomy. He's stressed the downside risks of growth and he's stressed that the European Central Bank stands ready to do more if needed. Because of the higher inflation figure, and because of signs that the recovery is becoming stronger and more broad, he was now under pressure from the hawks to shift the rhetoric slightly.
Did he do that? He did, but the changes were very small. There's still a commitment from the ECB to cut interest rates again if necessary. There's also a commitment to expand QE if it needs to. They're the basic messages and they're unchanged.
However, Mr. Draghi was a lot more optimistic in the way that he talked about the eurozone's economy. And so, it does sound as though the ECB slowly is starting to take small steps towards reconsidering its policy stance.