In 2007 , economic activity continued to expand at solid rates .

The pace of economic activity in the euro area in 1998 as a whole was characterised by a continuation of the economic expansion .

In fact , in the second half of 2005 , the expansion of economic activity in the euro area regained momentum . 6 In this context , it is important to note that the portfolio shifts observed during this period can also be interpreted as a sign of trust in the soundness of the European banking sector , thereby dispelling concerns regarding to the possible emergence of debt deflation in the euro area .

However , regional crossborder banking activities , regarded as a natural extension of business in the home market , were further expanded .

Some of these results reveal first of all that some of the inherent characteristics of traditional loan and deposit business constrain the cross border expansion of commercial banking , even in a common currency area .

In the context of the robust expansion of economic activity , a continuation of ample liquidity conditions would constitute a risk to price stability .

The ongoing robust expansion of money and credit reflects the still accommodative monetary policy stance and the strengthening of economic activity in the euro area .

In this environment , monetary developments continue to require very careful monitoring , particularly against the background of the expansion in economic activity and still strong property market developments .

In this environment , monetary developments continue to require very careful monitoring , particularly against the background of the expansion in economic activity and still strong property market developments .

2.2 Output , demand and labour markets Continued economic expansion The pace of economic activity in the euro area in 1998 as a whole was characterised by a continuation of the economic expansion which followed the temporary slowdown in 1995 96 .

Following a strong expansion in the first quarter of the year , economic activity significantly decelerated throughout the rest of 2004 .

In addition , robust growth in some large emerging economies , coupled with strong trade activity , contributed to the robust pace of the global expansion .

Economic activity was supported by a rapid expansion in private non residential investment and the continuing strength of exports .

The robust expansion of money and credit reflects the accommodative monetary policy stance over a prolonged period of time and the strengthening of economic activity in the euro area .

All in all , the rate of monetary and credit expansion remains rapid , reflecting the low level of interest rates and the strengthening of economic activity in the euro area .

In the course of the third quarter , incoming data on economic activity in the euro area confirmed that a significant acceleration in the economic expansion had taken place over the previous quarters .

In this environment , monetary developments continue to require very careful monitoring , particularly against the background of a solid expansion in economic activity and still strong property market developments .

Economic activity rapidly gained momentum at the start of 2005 , supported by a strong expansion in private consumption and non residential investment .

While 2,320 credit institutions were eligible to participate in open market operations based on standard tenders , only 763 actually submitted bids in one or more MROs , and 400 in one or more LTROs . A selected group of 141 credit institutions were eligible for fine tuning operations .

Suspending the LTROs was proposed in order to promote a lean implementation of monetary policy .

The continued robust expansion of money and credit reflects the low levels of interest rates over a prolonged period of time and the strengthening of economic activity in the euro area .

More generally , the rate of monetary and credit expansion remains rapid , reflecting the low level of interest rates and the strengthening of economic activity in the euro area .

Activity Item breakdown

More generally , the rate of monetary and credit expansion remains rapid , reflecting the still low level of interest rates in the euro area and the strengthening of economic activity .

Following a gradual and still moderate economic recovery in the second half of 2005 , the expansion of economic activity in the euro area gained momentum in the first half of 2006 .

Turning first to the economic analysis , the latest indicators and survey data confirm that the expansion of economic activity continued in the first quarter of 2007 and remains solid and broad based .

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The increase in US external debt has been compounded by higher internal indebtedness , mainly related to household debt . Between 1997 and 2001 annual household borrowing in the United States grew more strongly than nominal GDP .

Expansion After spinning off América Móvil, Telmex started an expansion plan, which started with the purchase of Guatemala's Telgua.

Financial institutions benefited from the expansion of global economic activity , which continued at a fairly robust pace despite further oil price rises , and from a continued improvement in the balance sheets of large euro area firms .

Despite the strong expansion of the global economy , the disappointing pace of activity before 2006 was related to a number of factors , in particular the lack of resilience to various shocks such as very strong oil price increases .

Monetary developments therefore continue to require very careful monitoring , particularly against the background of a solid expansion in economic activity and continued strong property market developments in many parts of the euro area .

The robust growth of economic activity in the euro area and the high level of business and consumer confidence fostered the expansion of loans to households and corporations in the course of 2000 .

The dynamic expansion of loans to households and corporations probably mainly reflected the low level of bank lending interest rates compared with historical experience and the pick up in economic activity in the euro area .

The expansion of financial market activity in ECU was driven by a growing volume of ECU denominated debt instruments that were issued by Community bodies and the public sector authorities of some member countries .

This strong lending activity by MFIs reflected the rapid expansion of credit to the private sector , while credit extended to general government was curtailed .

This confirmed the anticipated broadening of the economic recovery and pointed to a more self sustaining nature of economic expansion in the euro area .

manage the day to day business of the ECB

Analysis of real economy indicators , ...

Market participants expectations regarding the impact of the upsurge in oil prices over the year strongly influenced perceptions regarding both inflationary pressures and economic activity .

The second is for continued population, human population expansion.

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Industry by industry provided that industry by industry is a good approximation of product by product .

In the second half of 2005 , however , the expansion of economic activity in the euro area strengthened again , benef iting from the persistently strong growth of global demand , robust growth in corporate earnings and very favourable financing conditions .

1.2 INSTITUTIONAL ISSUES CONVERGENCE REPORTS Following requests from Lithuania and Slovenia , the ECB and the European Commission , in line with Article 122 of the Treaty , each prepared a convergence report on the progress made by these two countries in meeting the conditions to join the euro area .