According to a report published by the statistical offices of France, Italy and Germany in the first quarter Eurozone economy will expand at a moderate pace. GDP will grow by 0.3%. The main driver for growth will be domestic demand. Investments will increase by 0.2%. According to analysts, inflation in the euro area will be reduced in the first quarter, while in the second quarter will make 0.2%. Among the risks identified in the report are further drop in oil prices and parliamentary elections in Greece, which may be negatively displayed on the financial stability in the euro area. We maintain our medium-term negative outlook for the euro and recommend holding short positions.