BIS Review 112/2007  7  ECB (2005), “Monetary policy and inflation differentials in a heterogeneous currency area”, article in the ECB Monthly Bulletin of May 2005. ECB (2007), “Output growth differentials in the euro area: sources and implications” article in the ECB Monthly Bulletin of April 2007. EU Commission (2006), “The EU Economy 2006 Review.
This view appears to be supported by the International Monetary Fund (IMF), which in its most recent World Economic Outlook publication, released in September, stated that “…  2  BIS Review 136/2007  world growth is expected to slow but remain solid, supported by the strong momentum of the main emerging markets, China, India and Russia, which together accounted for one-half of global growth over the past year".