Against this background and in view of the uncertainty relating to special factors pertaining to the changeover to the Stage Three environment and the introduction of the euro, the Governing Council does not consider the acceleration of M3 at the start of Stage Three as a signal of future inflationary pressures.
However, a close monitoring of monetary developments in the coming months remains necessary to give more conclusive evidence of the underlying causes and the permanent or temporary nature of the rise in M3 growth. Turning to financial indicators, euro area capital markets underwent a correction in February, which was mainly linked to spillovers from the United States and Japan.