Looking at developments by major region, the U.S. economy has continued to recover firmly, mainly in household spending, owing to a steady improvement in the employment and income situation. As for the outlook, the economy is expected to continue to see firm growth driven by domestic private demand. The European economy has continued to recover moderately, mainly in the household sector.
It gives me great pleasure to be here this morning at the official opening of the Research Seminar on “Public Debt, Fiscal Policy and Forward Looking Monetary Policy ” organized by the Research Centre at KSMS. As you are aware this is the second time we are gathered here to discuss the research findings of our researchers.