GROWTH PROSPECTS
"The evidence available continues to indicate that the moderate recovery of euro area real GDP growth that started in the second half of 2003 has continued in 2004. Although recently released economic indicators have been mixed, we remain confident in our expectation of a gradual recovery and continued, though modest, real GDP growth in the euro area." "Conditions remain in place for the recovery to continue in 2004 and gather strength over time. The strength of global demand provides a positive external environment in which euro area exports are expected to grow significantly both this year and next." "On the domestic front, favourable financing conditions and an improvement in corporate earnings should continue to support investment in the euro area. Growth in real disposable income should sustain private consumption."///