2  BIS Review 14/2007  Corporate balance sheets have strengthened considerably in an unprecedented run spanning seventeen quarters which began in the second half of 2002-03. Buoyant domestic demand and overseas markets have enabled corporates to scale up production and sales. Accordingly, profitability (net profits) has recorded growth consistently in the range of 25-60 per cent on a year-to-year basis.
We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by Commissioner Almunia. On the basis of its regular economic and monetary analyses, at today’s meeting the Governing Council decided to leave the key ECB interest rates unchanged.