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mpc: 8 In the euro area, there had been relatively little news since the November Inflation Report. Final domestic demand in Q3 had grown robustly, partly offset by net trade. Consistent with that, Japanese and American exports to the euro area had been noticeably strong. German retail sales continued to be puzzlingly weak, given the relatively high reading for `propensity to buy' in the GfK consumer confidence survey. The indicators for Q4 euro-area output remained firm although the Purchasing Managers Index (PMI) for manufacturing ticked down in November, echoing the weaker manufacturing surveys in the United States and the United Kingdom.