We recovered by developing new goods and services and entering new markets. There can be no doubt that we have the entrepreneurial spirit, the skills, the educated work force and the expertise to compete successfully in the global marketplace. But that does not make it easy.
As explained on various occasions before, it is through the continued anchoring of inflation expectations that monetary policy can make an ongoing contribution towards supporting sustainable economic growth and job creation in the euro area. Fiscal developments and structural reforms Fiscal developments in euro area countries in 2006 turned out to be significantly better than anticipated.