This in its turn has led to a significant reorganization of the Policy Board, through which the Bank makes monetary policy decisions independently, and the Bank marked a new start with a completely new governing structure. The transparency of the Bank’s policy conduct was also improved by the publication of the minutes of every Monetary Policy Meeting (MPM) of the Bank’s Policy Board.
Let me now explain our assessment in greater detail, starting with the economic analysis. Real GDP in the euro area rose by 0.3%, quarter on quarter, in the second quarter of 2013, following six quarters of falling output. Developments in survey-based confidence indicators up to October are consistent with continued, albeit modest, growth in the second half of the year.