In 2006, industrial output grew 3.9%, while retail trade went up to 13.9%, and construction volume increased by 15.7%. An important and quite unexpected factor for us, which influenced the macroeconomic situation over the past 18 months, has been the large inflow of foreign private capital. Previously, up to and including 2004, we saw a net outflow of private capital.
In discussing the historic dimension of the introduction of the euro today, we are not exactly walking a well-trodden path. However, as I will make plain today, that introduction is a historic event. II The three large currency areas in the world — the United States, Japan and the euro area — together account for almost one-half of world output.