Conduct of monetary policy by the Bank of Japan  Lastly, I would like to go over the recent monetary policy measures by the Bank of Japan.
A comparison of growth rates in Europe confirms that countries with lower deficits have faster growth rates, whereas countries like Germany, which have repeatedly exceeded the Pact’s 3% deficit limit (2002: 3.5%, 2003: 4%, also expected to be well over 3% in 2004), have to battle persistent stagnation and unemployment.