We remain however vigilant and through ad hoc reporting have kept a close eye on insurance licensees to ensure the soundness of the insurance market. Through the years, we have established an excellent relationship with the insurance market and this has helped tremendously as we solicit key information and feedback.
Overall, relatively wide growth differentials between the major world economies will give way to a more balanced scenario, thereby underlining the potential for the euro to appreciate. With regard to developments in economic activity in the euro area, the latest data confirm a strengthening of growth in the course of the second half of 1999.