As a result of its examination it decided not to change the ECB interest rates. The interest rate on the main refinancing operations of the Eurosystem will thus remain 2.5%. In addition, the interest rate on the marginal lending facility will continue to be 3.5% and that on the deposit facility has been kept at 1.5%.
Let me give you some details about our latest assessment of the monetary policy stance and thereby explain the decisions taken today. With regard to monetary developments in the euro area, the three-month moving average of M3 growth, covering the period from March to May 1999, increased slightly to 5.2%, from 5.1% in the three months up to April.