The IMF Executive Board has published its views on the economic condition of the Euro Area following a consultation with Euro Area officials on economic developments and policies, as authorised under Article IV of the IMF’s Articles of Agreement. The Executive Board commended Euro Area authorities for their commitment to preserve the integrity of the monetary union. The Executive Board identified the first priority as reviving credit in the Euro Area by restoring sound bank balance sheets, fully recognising losses and closing or restructuring non-viable banks. The Executive Board also urged further progress toward a fuller banking union and further structural reforms at all levels, with a view to enhancing growth potential.