Germany’s economy is back on track and the outlook for Germany and the euro area over the medium-term future remains favourable. Dinner speakers should exhaust their topic, not the audience. Therefore: Thank you for your attention. 4  BIS Review 66/2007
Lower energy prices have led to a downward revision of the near-term projection for total CPI inflation. Total inflation (which includes the temporary impact of the GST reduction) will likely average about 1 1/2 per cent through the second quarter of 2007 before returning to the 2 per cent target and remaining there through to the end of 2008.