Indicators for the second quarter of 2012 point to a weakening of growth and heightened uncertainty. But looking ahead, we continue to expect the euro area economy to recover gradually, albeit with dampened momentum. Euro area annual inflation was 2.4% in June 2012, unchanged from May. Inflation should decline in the course of 2012 and be below 2% in 2013.
Naturally, I can only speak on behalf of Hungary, or more precisely the Hungarian Central Bank. It may not be a typical view as this country was perhaps the most spectacularly affected by the crisis among the New Member States. Nevertheless, I think at least some elements of this view are shared by our Central Eastern European peers.