This reference value is consistent with the maintenance of price stability over the medium term, while allowing for sustainable output growth and the trend decline in the velocity of circulation of M3. It will be reviewed in December 1999.
Although monetary data contain information which is important for monetary policy decision-making, monetary developments alone will clearly not constitute a complete summary of all the economic information necessary to take appropriate policy decisions. The Governing Council recognises that it is important, in parallel with the assessment of monetary growth, to look at a wide range of financial and other economic indicators, including economic forecasts.