While we regard the performance of agriculture over the past few years as unsatisfactory in terms of our expectations in view of the stagnation in output of key crops and the volatility in agricultural activity, some significant gains have been made in a few areas. In the industrial sector, there is a growing realisation of productivity and efficiency gains.
This means that the euro has not simply replaced the various national denominations within the given market structure. Its introduction may determine a “shift of regime” in financial markets, which would imply that market participants may fundamentally revise their strategies in response.