The low level of interest rates across the maturity spectrum provides ongoing support to the economic recovery in the euro area. Let me now turn to more recent developments. The evidence available continues to indicate that the moderate recovery of euro area real GDP growth that started in the second half of 2003 has continued in 2004.
Although recently released economic indicators have been mixed, we remain confident in our expectation of a gradual recovery, a continued, though modest, real GDP growth in the euro area. Conditions remain in place for the recovery to continue in 2004 and to gather strength over time.