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The economic situation in the euro area continues to be weak. In the course of 2003, real GDP has only stagnated. Several factors prevented the expected recovery to materialize. Last year’s collapse of stock prices dampened activity, so did the high oil price. In addition, the uncertainty in...
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considerably. The budget deficit in Portugal and also in Germany will probably exceed 3 percent of GDP this year; in Italy and … the decision whether an excessive deficit exists. One cannot exclude that Italy and France have an interest to block such …
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