However, it has to be clear that the reference value is different from an intermediate monetary target, as the ESCB has not made any commitment to correct deviations of actual monetary growth from the reference value over the short term.
Even the most optimistic forecasters could not have anticipated such a favorable confluence of economic events. Productivity growth and cost reductions So how did this confluence of positive events come about? The dominant force of late appears to have been a significant increase in the structural rate of productivity growth.