This means that nothing in what I will say is intended or should be interpreted in any respect in terms of future monetary policy. Incoming information since I last spoke to you has confirmed a positive underlying momentum of economic activity in the euro area.
We expect the continued expansion of the world economy and domestic demand from the private sector as the main driver of economic growth in the euro area. The latest Eurosystem staff macroeconomic projections are in line with this assessment. They foresee the economy to grow between 1.5% and 2.3% for 2011 and between 0.6% and 2.8% for 2012.