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 …

The economy in the euro area has turned around. While GDP stagnated during the second half of 2001, there are more and … interest rates in the euro area have remained unchanged since early November 2001. Real short-term interest rates are well …, wages in the euro area increased somewhat faster than in the previous years largely reflecting the improvement of the labor …

Economic activity in the euro area has weakened since last summer. In the second half of 2002, real GDP increased at an … lasted for two years. Monetary policy in the euro area is clearly expansionary. With only about 0.5 percent, the real … vanished. The situation of public finances in the euro area deteriorated further in the course of last year, with the …

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 …