Gern, Klaus-Jürgen; Kamps, Christophe; Meier, … - 2004
Economic activity in the euro area is recovering. In the second half of 2003, real GDP grew at an annualized rate of … expansionary monetary policy and the dynamic world economy, real GDP in the euro area will rise only moderately in comparison with … earlier upswings. This is due to two factors. First, potential output growth in the euro area has apparently decelerated …