In 2001, the annual rate of M3 growth doubled from a low of almost 4% in March to 8% in November, before declining slightly in January 2002. From June 2001 onwards, M3 growth stood clearly above the reference value of 4½%. However, the Governing Council has so far assessed that these developments do not imply risks to price stability over the medium term.
First is the interoperable Bills Pay Facility, which will address the existing fragmented bills payment mechanism. Second is the Request to Pay Facility, which will empower payees to initiate collections of nonrecurring receivables. Third is the Direct Debit, which will allow customers to better manage recurring payments.