*  *  *  Ladies and Gentlemen, It was with great pleasure that I accepted the invitation to participate in the Vienna International Summer University 2002, and I would like to congratulate the organizers on the well-chosen topic. One of my colleagues from an Eastern European country once remarked that delivering speeches was an easy task for central bankers.
At the same time, we should not forget that the low level of interest rates that has prevailed for quite a long time in the euro area has helped firms in this adjustment process and should foster a recovery in investment. In addition, the financial position of households in the euro area has remained healthy overall.