Press Release: Euro area economy emerging signs of a gradual recovery

According to the first Quarterly Report on the euro area economy published on 27 March 2002 by the European Commission's Directorate-General for Economic and Financial Affairs, economic activity is likely to experience a gradual recovery in the first half of this year and economic growth, supported by a general improvement in the external environment, is expected to accelerate to close to above the rate of potential output in the second half of this year.