supporting the recovery will be exports as growth in the world economy will gain momentum and the dampening factors of the euro …. Several factors prevented the expected recovery to materialize. Last year’s collapse of stock prices dampened activity, so did … will most likely start to tighten policy when the upswing has gained momentum and capacity utilization has increased …

background of weak economic activity the increase in consumer prices has calmed down considerably. Several factors can be made … money growth cannot be explained by special factors alone. The perspectives for price level stability have also not improved …

constant. The factors which led to the cyclical slowdown have turned around and now stimulate economic activity: Monetary … to special factors. If this judgment is correct, money growth will slow down markedly in the coming months. As a …. Domestic demand will also lose some momentum. This is due to the fact that monetary policy will return to a neutral course and …

implied by the standard Taylor rule, even when low estimates of the current size of the output gap and the equilibrium real … the ECB should bring the real interest rate back towards the long-run average once the depressing factors will have … global political situation calms down afterwards, dampening factors from the Iraq conflict are expected to wane. Impulses …