The first message I should like to convey is that there is good reason to remain confident that strong growth will be sustained in the euro area. Euro area real GDP has been growing at an annualised rate of around 3½% for four consecutive quarters, including the second quarter of 2000.
Some monthly indicators, which extend into or cover the third quarter of this year, point to some moderation of these high growth rates. In particular, the pace of growth in industrial production appears to have declined somewhat and some survey data showed signs of moderation. At the same time, however, confidence remains high, underpinned by positive factors such as high employment growth.