ECB to mull raising M3 target to 5%

Bundesbank President Ernst Welteke said on Tuesday that the European Central Bank would discuss raising the reference value for M3 monetary growth to 5% from 4.5% at its December 14 meeting.

"The council will discuss whether we will leave the reference value for money supply growth at 4.5% or raise it possibly to 5%," Welteke told reporters after a speech at the University of Bochum.He declined to elaborate.

Welteke's comments come amid intense speculation whether the ECB will raise the referen

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