CESifo World Economic Survey February 2005

World Economic Climate: World Economic Climate is softening - Economic Expectations: Current economic situation and economic expactations have been downgraded somewhat - Inflation: No pick-up expected in 2005 - Interest Rates: Trend of rising interest rates is expected to slow down - Currencies: US dollar seen as clearly undervalued - Special Topic: Increased international co-operation on the protection of intellectual property rights required