This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of the euro area were reviewed by the Committee on 3 May 2016. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 20 May 2016.The Secretariat’s draft report was prepared for the Committee by Álvaro Pina and Jan Stráský under the supervision of Pierre Beynet. Research assistance was provided by Desney Wilkinson-Erb and secretarial assistance was provided by Sylvie Ricordeau.The previous Survey of the euro area was issued in April 2014.