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 Dec

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