As you all know, during the first half of this year, the world economy was mired in the adjustment process that followed the IT boom of the 1990s, which came to an end in the fall of 2000. Furthermore, uncertainty about the economic outlook was amplified by the war in Iraq and severe acute respiratory syndrome (SARS) in East Asia.
You know, dear Bodil, that you will remain a member of our ‘Club’, and I say without hesitation that you will be the most honorary member of the European System of Central  10/11  Banks. We count on you in the future as well as we could count on you so efficiently in the past.