The economic situation in the euro area continues to be weak. In the course of 2003, real GDP has only stagnated … business sentiment and on consumer confidence. Finally, exports were hit by the strong appreciation of the euro. Since the … supporting the recovery will be exports as growth in the world economy will gain momentum and the dampening factors of the euro …

because of the uncertainty about the US economy and the appreciation of the euro. In the light of the recent turbulences on … stock markets and the increased uncertainty about the economic outlook in the euro area, the ECB will probably not raise … demand has become unstable recently, there is a risk that there is some excess liquidity in the euro area and that the high …