ECB Monthly Bulletin, March 2006

The European Central Bank published its March 2006 Monthly Bulletin on Thursday. In the report the ECB said the decline of the euro and relatively low interest rates contributed to the strong performance of euro zone stock markets last year.

'That euro area stock prices have performed so much better than US stock prices may appear hard to reconcile with the relatively weaker economic growth...in the euro area,' the ECB said in its March monthly bulletin.

'A number of other fundamental factors

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