But, as my remarks have revealed, there is every reason for optimism: the euro’s success is built on sound foundations. Further improvements are, of course, necessary, but we are confident that they will be accomplished.
Among leading indicators of business fixed investment, machinery orders have continued on an increasing trend since early 1997 after having surged in the second half of 1996. Recently, however, orders from non-manufacturing firms have been weak. Construction floor area has followed a moderate recovery trend, albeit with some fluctuations.