In my capacity as the Chairman of the Council, I just want to make a few remarks about the Monetary Stability Foundation itself. The Monetary Stability Foundation was set up as a Federal institution under public law by Act of Parliament at the beginning of 2002. Its endowment capital amounted to DM 100 million or € million.
The housing sector is strong, and business investment is increasing at a solid pace. In some industries, nearterm supply constraints are restraining activity. As with overall economic activity, conditions in the labor market have continued to improve, although the pace has been uneven.