This rise reflected the higher borrowing needs of both the private and the government sector .

However , this decline mainly reflected base effects .

The stable rate of increase in 2000 reflected counteracting factors .

The market has, they claim, already priced in such a rupture.

This development reflected different patterns in the main components ( see Chart 26 ) .

This was reflected in the continued rapid growth of both M3 and credit .

The widening of the spreads reflected the increase in banks funding costs .

This was reflected in significant declines in money market rates and money market spreads .

It also reflected the relatively low interest rates in the euro area in 2002 .

This trend reflected falls in a broad range of primary commodities and occurred mostly during the summer period .

This approach has been reflected in the Arab Spring, which Turkey ardently supported from the outset.

A plan was devised by Colonel Theodore A. Bingham, which reflected the Harrison proposal.

Widespread public support for polio eradication efforts has been reflected in a parliamentary resolution.

The estimated budgetary outcome for 2005 reflected some fiscal tightening in an environment of moderate economic growth .

This reflected expectations of a continued favourable environment in both the euro area and the global economy .

But much of what was said in and around the meetings reflected a deep lack of solidarity.

Budgetary developments were also reflected in the volume of issuance of general government debt securities ( see Box 6 ) .

1 Such growth reflected the significant fiscal imbalances in 2009 in most euro area countries .

These developments were also reflected in the regulatory solvency ratios of EU banks , which remained favourable .

The developments in the latter sector reflect the end of the cyclical upswing in housing and other construction activities .

In a weak economic environment , the implementation of the planned structural reforms is important , as it should raise confidence in future economic and employment growth .

This reflected significant declines in the rate of increase in the price of non energy industrial goods , services and processed food .

The budgetary outcome in 2004 reflected a slight fiscal loosening , while the impact of the economic cycle was minor .

This reflected increased fiscal borrowing needs against the background of persistently subdued economic growth in the euro area . The annual growth rate of short

The global economic slowdown and sharp equity price declines Chart 27

This pattern mainly reflected developments in oil prices and the exchange Oil price increases reinforced by exchange rate movements The increase in energy prices , on average , contributed more than 1 percentage point to overall inflation in 2000 .

In a bilateral context , relations are being developed with non EU central banks . ECB Annual Report 1998

This mainly reflected a steep increase in interest payments as a result of a surge in debt ( see Table 7 ) .

This development partly reflected the fact that the yield curve was relatively flat for most of 2001 .

The momentum of the recovery mainly reflected stronger exports and , following a long period of stagnation , an initial strengthening of private consumption .

The upturn in euro area long term interest rates reflected markets expectations of strong economic growth .

This development reflected the rise in general government budget deficits , which was largely linked , in turn , to weak economic growth in the euro area .

The energy and optimism that he unleashed in his administration s first hundred days did not reflect concrete policy proposals in his campaign.

On the direction of the film, Selick reflected, It's as though he laid the egg, and I sat on it and hatched it.

This is reflected in the fact that the services sector has increased significantly in importance , while the share of the industrial sector has declined continuously .

This development reflected to a large extent the increasing effect of the prospect of the euro cash changeover ( see Box 1 for further details ) .

In Japan , the fall in stock prices reflected the continued weakness in the domestic economy , which was exacerbated by the worldwide economic slowdown .

The robustness of non residential investment mainly reflected favourable financing conditions , rising corporate profits and strong business confidence .

This decision reflected a consensus within the Governing Council of the ECB on the basis of a common assessment of the economic , monetary and financial situation in the euro area .

This reflected market confidence in general economic developments in both countries and the credibility of their monetary and exchange rate policies .

The group decided to continue as a trio, a fact they acknowledged in the title of the 1978 album ...And Then There Were Three... .

These developments reflected to a large extent the stimulative effect of the historically very low level of interest rates in the euro area .

This reflected the further decline in short and medium term government bond yields in the first half of the year .

The impact of the rise in oil prices on inflation was also reflected in the revisions of inflation expectations in the course of 2005 .

This development reflected higher annual rates of change in all of its three main sub components processed food , non energy industrial goods , and services .