Allow me first of all to discuss the recent development of economic activity in the euro area, the better to underscore the prospects and to describe the challenges to be faced if Europe is to make its own contribution to the growth of a world undergoing in-depth transformation and thus tending to be turbulent.
Business fixed investment is expected to be supported by the improvement in corporate profits to date, but is unlikely to recover clearly for the time being due mainly to substantial uncertainty regarding overseas economies.