These improvements in turn lead to a further expansion in economic activity. However, developments in financial markets, such as stock prices and long- term interest rates, suggest that despite the increasing strength of the economic recovery, market participants remain cautious about the economic outlook.
What the divergences do teach us is that other policies must play their part if we are to maximise the gains from a common monetary policy. That is particularly important for small countries. Thank you for your attention. I would like to repeat my welcome to you, and wish you well for the remainder of the conference.