EMU HAS NOT ACCUMULATED MACRO IMBALANCES IN PAST
EURZONE GROWTH IS EXPECTED TO REMAIN SOLID
MONETARY POLICY MUST FOCUS ON M-TERM PRICE STAB
ECB POLICY HAS SUPPORTED GROWTH, WILL CONTINUE
MON. POL. CAN'T LIFT ECON. PRODUCTION POTENTIAL
STRUCTURAL REFORMS BY GOVT'T OF UTMOST PRIORITY