growth rates observed around the turn of the year, according to eurostat ’ s first estimate, economic activity in the euro area declined only slightly in the second quarter of 2009, contracting by 0. 1 % compared with the previous quarter. survey indicators for the third quarter of 2009 support the view that the euro area economy is stabilising further. in the near term, the euro area should continue to benefit from a recovery in exports, the significant macroeconomic stimulus under way and the measures taken so far to restore the functioning of the financial system. in addition, the inventory cycle is expected to contribute positively. however, uncertainty remains high and the persistent volatility in incoming data warrants a cautious interpretation of available information. overall, the recovery is expected to be rather uneven, given the temporary nature of some of the supporting factors and the ongoing balance sheet correction in the financial and non - financial sectors of the economy, both inside and outside the euro area. this assessment is broadly in line with the september 2009 ecb staff macroeconomic projections for the euro area. according to these projections, average annual real gdp growth will range between - 4. 4 % and - 3. 8 % in 2009 and between - 0. 5 % and + 0. 9 % in 2010. compared with the june 2009 eurosystem staff macroeconomic projections, this implies an upward revision of the ranges for both 2009 and 2010, reflecting mainly the recent, more positive developments and information. forecasts by international organisations are broadly in line with the september 2009 ecb staff projections. in the view of the governing council, the risks to this outlook remain broadly balanced. on the upside, there may be stronger than anticipated effects stemming from the extensive macroeconomic stimulus being provided and from other policy measures taken. confidence may also improve more quickly, labour market deterioration may be less marked than currently expected and foreign demand may prove to be stronger than projected. on the downside, concerns remain relating to a stronger or more protracted negative feedback loop between the real economy and the still strained financial markets, renewed increases in oil and other commodity prices, the intensification of protectionist pressures and a disorderly correction of global imbalances. at the same time, the uncertainty surrounding this outlook remains higher than usual. with regard to price developments, annual hicp inflation was, according to eurostat ’ s flash estimate, - 0. 2 % in august, compared with - 0. 7 % in july. this development is in line with previous

significant input from the ecb and were welcomed recently also by the international monetary and financial committee of the imf board of governors. 14 “ statistics may be defined as a body of methods for making wise decisions in the face of uncertainty. ” w. a. wallis 15 globalisation has increased this uncertainty. globalisation continues to impact decisively on statistics and there is no doubt of the merits of comparable statistics. we need globally comparable statistics. and, there must be investment in closing gaps and enhancing comparability of statistics at the global level. there is a global momentum and we must all be part. the world statistics day is an excellent occasion to give a new impetus to this momentum. please see, progress report on the " the financial crisis and information gaps " prepared by the imf staff and the fsb secretariat, may 2010, at http : / / www. financialstabilityboard. org / publications / r _ 100510. pdf. please see : http : / / www. imf. org / external / np / sec / pr / 2010 / pr10379. htm. president of the university of rochester, 1962 – 1970 ; united states under secretary of state for economic affairs 1982 – 89.