The current assessment is that the USA is heading for a recession that will not subside until the 2nd half of 2008 at the earliest. Then the situation – at best – will only slowly improve. It looks as if Europe will avoid actual recession, but must be prepared for modest growth rates of between 1 and 2 per cent in the coming years.
On behalf of the Board of Directors, the Governor, Management and staff of the Central Bank, it is my distinct pleasure to welcome you to the Bank and to this prize-giving ceremony. Let me, on behalf of the Bank congratulate the recipients of prizes in this essay competition and encourage those who were not successful this time to continue trying.