Economic and monetary developments After the positive developments in the first half of 2004, only modest growth rates of economic activity were observed in the second half. Real GDP in the euro area is estimated to have grown at a quarter-on-quarter rate of 0.2% in both the third and fourth quarter.
It is critical that we understand the channels, connections, and effects of the role of the dollar. In closing, I want to thank you all for taking the time to join our discussion on the dollar’s international roles. This conference brings together world-class researchers, practitioners, and policymakers dedicated to understanding and addressing these vital issues.