BIS Review 20/2003  1  Following the slowdown in economic activity throughout 2001, which was further aggravated by the negative shocks to confidence in connection with the terrorist attacks in the United States in September of that year, a moderate recovery of real GDP growth in the euro area was recorded at the beginning of 2002.
Indeed, at that time, projections prepared by the Eurosystem's staff as well as forecasts by international organisations and private institutions agreed that euro area real GDP growth would again be in line with trend potential growth later in the year.