Trichet defends money supply data use by ECB

European Central Bank president Jean-Claude Trichet defended the ECB's use of money supply data to guide interest rate decisions, in an article published by the Financial Times on Thursday 9 November.

Writing in the FT, Trichet acknowledged that basing rate decisions partly on an assessment of money and credit growth is not fashionable among central banks. But he said it has been useful for the ECB.

"In practice, a thorough assessment of money has served well and the quality of monetary policy