The strengthening of economic activity in the euro area in the second half of 1999 was confirmed by a first estimate of euro area real GDP growth for the fourth quarter of 1999. Real GDP is estimated to have increased by 0.9% quarter-on-quarter, following an increase of 1.0% in the previous quarter.
I will return to the glorious past of EMU later, but first allow me to finish my short summary of Alexandre Lamfalussy’s spectacular career by drawing your attention to the fact that he played a decisive role in European economic policy in later years as well: In 2000, Lamfalussy was appointed chairman of a committee called the “Group of Wise Men”, a politically incorrect title, of course.