Efforts will be required from all of us, but the ultimate goal of efficient harmonised collateral management will greatly benefit Europe at large and support a truly single financial market in Europe that will underpin European autonomy in the globalised world. 1 See ECB (2018): The international role of the euro – Interim report; June 2018.
Consistent with this scenario, the ECB Staff projects average real GDP growth to between 1.1% and 1.7% in 2008, and between 0.6% and 1.8% next year. However, the uncertainty surrounding the outlook for growth in 2008 and 2009 is particularly high, with risks predominantly on the downside.