They indicate continued strong growth in the first half of 2000, following the upturn in real GDP growth in the second half of 1999. With regard to consumer price developments, inflation has recently risen above the level expected by most forecasters at the end of last year.
The firm anchoring of medium to longerterm inflation expectations is of the highest priority to the Governing Council and there is certainly no room for complacency in this regard. We believe that the current monetary policy stance will contribute to achieving our objective.