Euro area and the United Kingdom  The euro area economy had contracted at a seasonally adjusted and annualised rate of 0,7 per cent in the last quarter of 2001, but a gradual recovery is in progress with depleted inventories being rebuilt and international trade picking up.
Single supervisory mechanism The SSM, the transfer to the European level of key supervisory tasks for banks, is designed to provide strong and consistent supervision across the Euro Area. As I mentioned, it holds the promise of removing local politics from the enforcement of bank supervision and will lever a diversity of supervisory experience – best practice across Europe.