Given the medium to long-term nature of the monetary analysis, the Governing Council decided to no longer review the reference value for M3 on an annual basis.
We trust that the monetary analysis serves us well in helping anchoring the long term expectations of inflation, which is very important for the success of our monetary policy as well as for preserving a financial environment favourable to growth and job creation. The outcome of the evaluation ensured continuity with the past conduct of monetary policy.