Nevertheless, for this year, the economy of the eurozone is expected to grow with 1.6% and with 2.4% in 2005. Like in the Netherlands, this turnaround has been mainly driven by rebounding exports due to the recovery of global trade. In addition to the strengthening of external demand, domestic expenditures in the eurozone will take their part in the recovery.
Overall, the single currency contributes forcefully to more integration and competition, acting as a powerful driver for the further enhancement of the Single Market and creating an environment which – I am sure – Schumpeter would have enjoyed. Thank you very much for your attention. BIS Review 39/2002  7