Mr Noyer: Monetary policymaking in the euro area  Speech delivered by Mr Christian Noyer, Vice-President of the European Central Bank, at Pareto Fonds’ 2000 Economic Forum, Oslo, on 23 March 2000. *  *  *  Ladies and gentlemen, It is a pleasure and an honour for me to speak here at the Pareto Fonds’ 2000 Economic Forum in Oslo.
First, research finds that the recovery from a services-led recession tends to be slower than from a durable goods-led recession, as services create less pent-up demand than consumer goods.1 For example, people are unlikely to take twice as many holidays abroad next year to compensate for their lack of foreign travel this year.