In spite of the hike in the cost of petrol and the recent statements of the European Central Bank according to which inflation in Euroland is higher than had been forecast, the Ministers of the Economy of the countries participating in the Euro area confirmed the estimates of the Executive on increased economic growth in Europe. In the course of the first quarter of 2002 a growth rate equivalent to 1.5% was registered, sufficient to suggest that a growth of 3% will be achieved in 2003. With a view to maintaining and if possible increasing current levels of growth, the Eurogroup forcefully emphasized the need for member states to respect the budgetary constraints, confirm the policies of wage restraint and boost flexibility of the markets in accordance with the conclusions of the European Council of Barcelona.
