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mpc: 7 In the euro area, industrial production had been relatively strong in January, but there were signs that the momentum of output might have slackened over the first quarter of this year. The manufacturing Purchasing Managers' Index (PMI) had fallen quite sharply in March and the services PMI had been unchanged, only a little above its 2004 Q4 level. Outside forecasts for euro-area GDP growth in 2005 had generally been revised downwards. Industrial confidence had fallen, which did not bode well for investment, but the growth of bank lending to the corporate sector had steadily increased over the past year, which could point in the opposite direction. And the news about consumption ­ retail sales had risen in February ­ and net exports was perhaps more encouraging. Net exports had increased sharply in January.