In addition to press conferences, the public statements of the members of the Governing Council and the ECB’s regular publications will also contribute to achieving this goal. In its regular publications, for example, the ECB will report thoroughly on all aspects relevant to the conduct of the single monetary policy in the euro area.
Let me give you some details about our latest assessment of the monetary policy stance and thereby explain the decisions taken today. With regard to monetary developments in the euro area, the three-month moving average of M3 growth, covering the period from March to May 1999, increased slightly to 5.2%, from 5.1% in the three months up to April.