New M3 data allowed ECB cut says Issing

Speaking at a conference of the Herbert-Giersch Foundation in Frankfurt, the ECB's Otmar Issing said that the ECB's decision to cut interest rates came after it was able to quantify an upward distortion in M3 money supply growth. He argued that this strengthened the bank's monetary policy strategy, because it shows it takes the first pillar of its strategy seriously (M3 is part of the first pillar of the ECB's monetary policy).

If the ECB had decided to prepare markets for an easing once it was

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account