Ensuite, j’aborderai les deux sujets sur lesquels nous nous sommes mis d’accord concernant la politique budgétaire et les déséquilibres mondiaux. Economic and monetary developments As mentioned, since the previous hearing last December, economic and financial conditions have continued to improve, albeit only at a moderate pace.
Economic activity is estimated to have increased by 0.1% from the third to the fourth quarter of last year. Recent information confirms that we can expect a moderate recovery in the current year. This is in line with the latest ECB staff projections. Also forecasts by other institutions confirm this expectation, with an annual growth rate round 1% in 2010, gaining pace in 2011.