This assessment is also reflected in the December 2011 Eurosystem staff macroeconomic projections for the euro area, which foresee annual real GDP growth in a range between 1.5% and 1.7% in 2011, between –0.4% and 1.0% in 2012 and between 0.3% and 2.3% in 2013.
A strong and independent supranational supervisor will contribute in a significant manner to the smooth functioning of the monetary union and to restore confidence in the banking sector. The regaining of confidence in the banking sector is key to reverse recent developments towards financial fragmentation and help restart a well-functioning interbank market. My intervention today is divided into two parts.