I will conclude with a summary of the monetary policy stance and the measures taken in the Third Quarter Review. The backdrop Perhaps the most distinguishing feature of recent domestic developments is the pace at which economic activity is expanding.
Furthermore, an accelerated restructuring of the corporate landscape owing to an increased number of mergers and participations - added to more intense competition in the euro area - were supposed to act as a “fitness programme” for European enterprises. Significant positive growth effects were also forecast owing to the disappearance of the foreign exchange rate risk within the euro area.