• Underlying momentum of euro area economic activity remains positive, expected to recover gradually
• Euro area growth expected to slow down following exceptionally strong Q1
• Euro area unemployment rate expected to remain stable in 2011, decline slowing after that
• Sees 2011 GDP +0.8% (prev forecast +0.9%),2011 GNP -0.3% (prev flat)
• 2012 GDP +2.1% (prev +2.2%),2012 GNP +1% (prev +1.,6%)
• Ireland building foundations indispensable for growth
• Irish lenders oustanding loans from ECB totalled 72 bln euros at end of June