For 2007 the latest projections are slightly lower, mainly reflecting the recent rise in oil prices. The most recent forecasts by international organisations and private sector institutions also confirm a broadly similar picture.
In the view of the ECB’s Governing Council, risks to the outlook for economic growth provided by these projections are broadly balanced over the shorter term, while over the longer term downside risks relate mainly to potential further oil price rises, a disorderly unwinding of global imbalances and protectionism.