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ASSESSMENT AND RECOMMENDATIONS

I. A PHASE OF CYCLICAL SLOWDOWN

Growth performance was favourable from 1998 to 2000
The output gap has closed and strains have appeared
In 2001 growth slowed distinctly and core inflation picked up
Activity should pick up in the second half of 2002, but strong risks remain

II. FISCAL POLICY ISSUES

Fiscal policy in the short term
The draft budget for 2002
Structural fiscal issues

III. STRUCTURAL REFORMS FOR ENVIRONMENTALLY SUSTAINABLE GROWTH

Towards full employment?
How can network industries be opened to competition?

IV. TOWARDS ECOLOGICALLY SUSTAINABLE GROWTH

Introduction
The institutional setting
Ecotaxes and the greenhouse effect
Urban air quality
Water quality
Conclusions and recommendations