As I shall discuss shortly, this investment may provide reason for some to be optimistic about productivity growth in the period ahead. But, without doubt, it has played an important role in helping to boost aggregate demand in recent quarters. One important question looking forward is whether the recent rapid growth in demand can be sustained.
Following several quarters of higher than expected growth, incoming information since our meeting in early March points towards some moderation, while remaining consistent with a solid and broad-based expansion of the euro area economy.