*** Nominal GDP calculated as simple annual growth rates. Latest observation: 2010 Q2. 4  BIS Review 131/2010  Chart 3 5-year real yield 5 years ahead in the EA and the US (%p.a.) Source: Reuters, Bloomberg, FED staff calculations, ECB calculations. Latest observation: 5 Oct 2010.
8  BIS central bankers’ speeches  In these difficult times, Jean Monnet’s famous remark – true not only for our continent and the great endeavour that he and others launched so effectively – “Europe will be forged in crises, and will be the sum of the solutions adopted for those crises” should be a leitmotiv for our thinking now.