As central bankers and economists gathered in the sun-kissed Portuguese town of Sintra for a forum on central banking, Mario Draghi, the president of the European Central Bank (ECB), said that the outlook for the euro zone looked brighter than it had done for the last seven years.
And Draghi was not the only one seeing some rays of light through the trees.
Catherine Mann, chief economist at the Organization for Economic Co-operation and Development (OECD), told CNBC that spiking bond yields (which move inversely to prices) was indicative of Europe "really coming out of the woods."
"The negative yields are a little overshot, a little low, but the pickup in yields I think really represents the market seeing the better data coming in for Europe and they're saying look Europe is really coming out of the woods," Mann told CNBC from Sintra on Friday.
She said that Europe "as a whole is looking a lot better." Data out earlier this month showed that the euro zone economy grew by 0.4 percent in the first three months of 2015, outpacing the U.S.'s rate of expansion.