Regarding the analysis under the second pillar of our strategy, recent information has confirmed our earlier assessment that economic activity in the euro area was weak in the second half of 2001 and will probably remain so in early 2002.
At the same time, there has been some evidence in late 2001 that supports the likelihood of a gradual economic recovery materialising in the course of 2002. Starting with external developments, there have been some incipient signs of stabilisation in the outlook for growth at the global level.