This report presents the findings and recommendations of the CEPSMacroeconomic Policy Group (MPG) for the year 2003-04. The MPG is aselect body of highly respected economists who have undertaken to carry outindependent, in-depth research on current developments in the Europeaneconomy and to publish their findings in an annual report. CEPS gratefullyacknowledges financial support from Deutsche Bank, London for the work of the MPG. The views expressed in this report are those of the authorswriting in a personal capacity and do not necessarily reflect those of CEPS orany other institution with which the members are associated.
ISBN 92-9079-503-4© Copyright 2004, Centre for European Policy Studies.All rights reserved. No part of this publication may be reproduced, stored ina retrieval system or transmitted in any form or by any means – electronic,mechanical, photocopying, recording or otherwise – without the priorpermission of the Centre for European Policy Studies.Centre for European Policy StudiesPlace du Congrès 1, B-1000 BrusselsTel: 32 (0)2 229.39.11 Fax: 32 (0)2 219.41.51e-mail: firstname.lastname@example.org: http://www.ceps.be