ECB Press Release

PRESS RELEASE - Review of the quantitative reference value for monetary growth, 5 December.

Review of the reference value

At its meeting on 5 December 2002 the Governing Council reviewed the reference value for monetary growth. It decided to reconfirm the existing value, namely an annual growth rate of 4 ½% for the broad aggregate M3.

This decision was taken on the grounds that the current evidence continues to support the assumptions underlying the first derivation of the reference value in

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