* * * Accompanying slides Euro area real GDP has now been expanding for five years.1 The latest incoming information points towards some moderation in the pace of economic growth, in part reflecting a pull-back from the high growth rates observed at the end of last year. Temporary factors may also be at work.
This broad program reflects how central bank non-financial risk management has evolved from a purely operational perspective to a wide and multidimensional vision that permeates the entire institution and gains increasingly more importance.