Financial Report for the year 1957

Abstract

As was to be expected in view of the trend prevailing at the end of 1956, economic expansion continued in the Western European countries throughout 1957. The rate of increase, however, was not as steep as during the two previous years ; in the last quarter, indeed, the pace was definitely slower and the outlook less favorable. The economic policies of the various countries continued for most of the year to be dominated by the aim of checking inflation. In these circumstances, it is not surprising that the money markets of the Com-munity countries remained very tight, as a result of the steady demand for long-term capital and of the anti-inflationary policy of dear money.