The Governing Council will continue to monitor carefully all factors which are relevant to its assessment. Let me explain our assessment in detail. In the context of our economic analysis, the latest data releases on real GDP growth have confirmed that economic activity in the euro area remained subdued in the first quarter of this year.
The value of banknotes issued by the Bundesbank also rose further, climbing by € billion to € billion, an increase of 9.5%. The revaluation accounts are also worth taking a look at. This item increased by € billion year on year to € billion. The revaluation reserve for gold rose by € billion to € billion.