However, the disruptions may affect not only the size of the economic “cake”, but also its distribution. Parents with low levels of education and low wealth might ﬁnd it more diﬃcult to ensure out-of-school learning for their children.
Therefore, looking ahead, acting in a firm and timely manner to ensure price stability in the medium term is warranted. Turning first to the economic analysis, recent information has underpinned our assessment of ongoing robust economic growth dynamics in the euro area. Eurostat’s second estimate has confirmed quarter-on-quarter real GDP growth in the fourth quarter of 2006 at 0.9%.