To sum up, a cross-check of the outcome of the economic analysis with that of the monetary analysis clearly confirms the assessment that upside risks to price stability prevail over the medium term, in a context of very vigorous money and credit growth and with no significant signs of supply constraints on bank loans to households and non-financial corporations.
Europe Europe’s economies slowed noticeably in 2001. Germany, in years past the strongest of the major European economies, has under-performed some others in recent years, such as France or the UK, and in 2001 saw a contraction in output in the second half of the year.