Not only have we had better productivity gains through 1999, but purchases of machinery and equipment climbed 18% during the course of the year. This continues the increase in investment in machinery, equipment and technology that began in 1996 and that mirrors the increase in investment that began somewhat earlier in the United States.
European Central Bank: Press conference – introductory statement Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank and Mr Lucas Papademos, Vice-President of the European Central Bank, Frankfurt am Main, 10 January 2008. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our first press conference of 2008.