It is therefore high time to fully harness the forces of the market for Europe, by making the most of its main catalyst for competition and growth, the European single market.
The Governing Council took these concerns into account in their deliberations and in the event announced on January 23rd that it would not suspend the Longer-Term Refinancing Operations but that it would implement the other two suggestions. Given the preparatory work required, these measures are scheduled to come into effect during the first quarter of 2004.