Also, more importantly, the expression is very similar to my present projection and could be regarded as more or less in line with it by interpreting “around 2 percent” flexibly. Based on these two reasons, I supported the Bank’s revised expression. IV.
The growth of the narrow monetary aggregate M1 stood at 5.6% in July, up from 5.4% in June. The increase in the MFI net external asset position, reflecting in part the continued interest of international investors in euro area assets, remained an important factor supporting annual M3 growth.