Therefore, monetary developments provide an important benchmark for any monetary policy that is aimed at safeguarding price stability. To emphasise the prominent role assigned to money, the Governing Council of the ECB announced a quantitative reference value for monetary growth in terms of the broad definition of M3 in October 1998. The first reference value was set at a rate of 4½% per annum.
At its last meeting, the Governing Council reviewed this reference value and concluded that the assumptions underlying its derivation remain valid. Thus, there was no reason to change the reference value of 4½% M3 growth per annum. The Governing Council has decided henceforth to review the reference value on a regular annual basis, with the next review to take place in December 2000.