 At the conclusion of the IMF staff's discussions with a
country's authorities in the context of Article IV
consultations, which usually take place annually, the IMF
mission often provides the authorities with a statement of its
preliminary findings prior to the preparation of the staff's
report to the Executive Board. In the case of the Article IV
consultations with the Euro-area countries, surveillance of
monetary and exchange rate policies includes discussions with
the European Central Bank and other Euro-area authorities. The
following statement was provided to the authorities following
these discussions. (In the context of the 2000 Article IV
Consultation Discussions with Euro-Area Countries)  July 5, 2000
1. The euro-area economy is doing very well. While transitory
external developments are influencing the situation more than is
sometimes recognized, the euro area could be set for a long and
strong expansion. However, that prospect hinges on policies
today being sufficiently forward-looking and effect