However it is still too early to assess the impact of these developments on the outlook for prices. The Governing Council’s expectations for a gradual recovery in growth in the euro area have been confirmed by recent Eurostat estimates. These show an improvement from negative growth in the last quarter of 2001 to moderately positive rates in the first quarter of this year.
Forecasts all point to a continued strengthening in demand. BIS Review 40/2002  1  5. Supervision  The Bank’s extensive regulatory tasks were further increased in 2001 when we took over responsibility for more than 2000 insurance intermediaries. In consultation with the industry, and with consumer interests, we developed an effective regulatory system and tackled the re-authorisation process - no small task.