Consequently, it is less likely to be affected by portfolio shifts. When devising its strategy, the Eurosystem took into account the fact that the relationship between money and prices might be affected, in the short term, by the structural changes and behavioural and statistical uncertainties linked to the shift of regime associated with the move to Stage Three of Economic and Monetary Union.
Therefore, the concept of a reference value does not mean that the Eurosystem will change its policy stance or react in a mechanical way to deviations of M3 growth from the reference value. A careful analysis of the reasons behind monetary developments must always be carried out before drawing policy conclusions.