They do, however, constitute one of the key inputs to the ECB’s monetary policy deliberations and they tend to form the basis of the governing council’s “baseline scenario” for where it believes the euro area economy is heading.
The latest projections (see chart), which incorporate upward revisions to the previously projected growth rates for 2006 and 2007 and are broadly in line with forecasts by the European Commission and other international bodies, show real GDP growth remaining quite buoyant at above 2% per annum in 2007 and 2008, albeit less vigorous than in 2006.
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