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| Tekijä: | Gern, K.-J. Kamps, C. Scheide, J. |
| Otsikko: | Euroland: Der Aufschwung beginnt |
| Lehti: | Weltwirtschaft
2002 : 1, p. 54-84 |
| Asiasana: | EUROPE EUROPEAN UNION ECONOMICS TRENDS |
| Kieli: | ger |
| Tiivistelmä: | The economy in the euro area has turned around. While GDP stagnated during the second half of 2001, there are more and more signs that output will increase considerably in the first half of this year. All in all, the slowdown of the Euroland economy has not been very pronounced. The factors which have led to the cyclical slowdown have turned around and now stimulate economic activity. The ECB defines price stability in terms of the HICP. Money growth has exceeded the reference value of 4.5 percent for M3 considerably for several months. The downswing has significantly affected public finances. In 2001, wages in the euro area increased somewhat faster than in the previous years largely reflecting the improvement of the labor market situation due to the strong upswing (original in German). |
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