Willem F Duisenberg: Testimony before the Committee on Economic and Monetary Affairs of the European Parliament Introductory statement by Dr Willem F Duisenberg, President of the European Central Bank, Brussels, 21 May 2002 *  *  *  I take pleasure in appearing before you today to continue our regular exchanges of views and to report to you on the ECB’s assessment of economic and monetary developments and on the decisions taken by the Governing Council.
Second, if corporate profits decrease due to the yen’s appreciation, or if the economy’s potential growth rate and firms’ growth expectations for the domestic market wind up being lower than expected, firms might become more cautious about wage raises, which could in turn restrain private consumption. 2.