1.   Any downturn is unlikely to be as deep in the euro area as in America because it is suffering less from the aftereffects of economic and financial excess.

2.   A stronger euro and yen would also intensify the pressure for structural reform and corporate restructuring in the euro area and Japan.

3.   Economic expansion continues in the United States, while in the economies of the euro area the recovery has continued to firm.

4.   Furthermore, the euro area has less room than America for a fiscal stimulus.

5.   Money demand in the euro area should be stable enough for German-style money targeting, he said.

6.   Money demand in the euro area should be stable enough for German-style money targeting, Issing said.

7.   Nevertheless, an overly tight monetary policy could nudge a feeble euro area into recession.

8.   Output in the euro area is widely expected to stagnate until next year, yet most economists still reckon that it will avoid a true recession.

9.   Some economists worry that the euro area is heading the same way.

10.   The weakness of the euro has pushed up the cost of products imported from outside the euro area.