Driven by service exports, real GDP in Macao SAR grew by 36.0 percent for the first half of 2004, and the unemployment rate dropped to 4.9 percent.
Conclusion Let me conclude. Monetary policy is a forward-looking enterprise and policymakers always have to think in terms of risks. On several occasions in recent years the ECB has changed its monetary policy in response to emerging tail risks, even when our central forecasts for inflation painted a less alarming picture.