The ECB and its partners will continue to monitor developments closely and to cooperate in foreign exchange markets as appropriate. Within the euro area, data are pointing to strong real GDP growth in the second quarter of 2000, confirming our previous positive expectations for this year and for 2001.
While the possibility cannot be ruled out that the increase in oil prices as such may temporarily dampen growth dynamics over the short term, the forces underlying solid growth in the medium term remain in place.