Further, the currency-GDP ratio in the UK remained in a narrow range of 2.3–3.1 per cent during 2001–10 whereas Japan registered a rise from 14.7 per cent to 18.1 per cent over the same period.
This positive outlook is reflected in the latest macroeconomic projections of Eurosystem staff who foresee average annual real GDP growth in a range between 2.3% and 2.9% in 2007 and between 1.8% and 2.8% in 2008.