Banque de France, Fin Stability Review, June 2004

At the turn of the year, growth picked up in all advanced economies as well as in most emerging economies, in particular in Asia. The economic recovery, already in full swing in the United States and in Japan, gained momentum in the euro area, albeit at a more gradual pace, the report says.

It is expected to continue throughout the year, underpinned by the expansionary effect of the economic policies conducted so far and still favourable financial conditions. However, both geopolitical risks and

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