BIS Review 2/2008  3  And the two ECB-specific challenges? The fifth challenge is that the Single Market with its single currency is not yet achieved. We are still significantly changing the structure of our own euro area economy. Unlike elsewhere, a look into the euro area’s past provides hardly any indications for the future.
The economic recovery trend, however, is likely to be maintained, since exports, particularly to emerging and commodity-exporting economies, are expected to continue increasing, while private consumption and business fixed investment will probably remain on an upward trend amid an accommodative financial environment. B.