However, an issue worth investigating could be whether the initial conditions underlying these projections have changed or not, perhaps reflecting effects from the recent financial developments. What information does € contain in this respect? First of all it confirms the overall positive outlook pointing to an underlying growth rate still between 2.5 and 3 per cent for the euro area as a whole.
The modest increase in June and July, that interrupted a weakening trend that started in the first half of the year, was followed in August by a return to a lower growth rate. However, the underlying growth is still higher than what was observed until the first quarter of 2006.