It will be conducted as a variable rate tender, using the single rate auction procedure. BIS Review 3/1999  –2– Let me report in some more detail on the Governing Council’s regular assessment of monetary, financial and economic conditions, and thereby provide the explanations for our decisions of today.
On 30 December 1998 we released to the public the first of the monthly statements on recent monetary developments in the euro area. The 12-month growth rate of the broad monetary aggregate M3 decreased from 5.0% in October to 4.5% in November 1998. The latest three-month moving average of M3 growth (September to November 1998) was approximately 4.7%.