"Stephen Webster" Order of the British Empire/MBE(born 1959) is a United Kingdom/British jewellery designer best known as founder of his eponymous jewellery brand.

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The ECB will raise interest rates next year, but I don't think it will have an unfavorable effect on financing conditions. The whole outlook is more favorable in terms of investment through 2006.

Pipeline prices are easing, but because companies weren't able to put up prices a lot when oil was rising, they may not cut them so much when the pendulum swings the other way.

Manufacturers have probably adapted to rising oil prices, and the drop in the euro is part of the reason why. There's still too much uncertainty in the outlook for the ECB to raise rates.

It's energy prices that are holding up inflation and may be pushing it higher.

I'm more optimistic about growth in the euro region. If growth continues through 2006, we'll see a further improvement in the employment picture, which would make the euro region even stronger.

The outlook is more positive than it's been for some time. Germany is providing the motor for growth at the moment. Assuming it continues to perform well, we would expect growth in the euro-zone of around 2 percent this year.

It's a good, solid report. It suggests the oil price rise is not impacting massively in a negative way on the euro-zone.