In annual terms, underlying inflation was higher than this, reflecting the higher quarterly outcomes in the early part of 2009. Looking forward, we expect broadly similar outcomes over the next year or so to that recorded in the December quarter, as the lagged effects of the slowdown in wage growth last year and the appreciation of the exchange rate work their way through.
Conclusion  Ladies and gentlemen I have presented what I consider to be good news. The German economy is gaining in strength and the euro area has embarked on the path to recovery.