ECB keeps M3 benchmark unchanged

The European Central Bank has decided to leave its yardstick for euro area money supply growth unchanged. After the governing council meeting today, the ECB said that the evidence continues to support the assumptions underlying the derivation of the original reference value for M3 of 4.5%. The governing council reviews the reference rate for the year ahead every December.

ECB president Wim Duisenberg said in a statement following the meeting at which interest rates were also left unchanged at

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