I would like to emphasize that we do not view the recent development of financial markets, especially for securitized products, in a negative light. Risk diversification using new financial products has broadened the range of participants in financial markets, and has contributed significantly to the growth of the world economy.
Economic and monetary developments and the monetary policy strategy of the ECB 2000 was a remarkable year for the euro area, as economic growth reached its highest level for over a decade and was accompanied by continued strong job creation.