ECB Monthly Bulletin, June 2004

The European Central Bank published its June 2004 Monthly Bulletin on 10 June. The report said the recovery in euro area economic growth is expected to continue over the coming quarters, leading to a broader and stronger upswing in the course of next year.

"Concerning prices, recent oil price developments have created considerable upward pressure on consumer prices. According to Eurostat's flash estimate, annual HICP inflation was 2.5% in May, partly due to base effects, after standing at 2.0% in

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