With regard to the first pillar, the three-month average of the annual growth rates of M3 exceeded the reference value of 4½% throughout 1999 and in January 2000. The prolonged deviation of M3 growth from the reference value signalled the existence of ample liquidity in the euro area.
The real alternative for the future with respect to provision of credits to small and medium-sized enterprises namely, new business and new jobs, is to include banks on a broad scale in the process of market evaluation of projects and their financing at market determined terms.