18  See, Speech by Mr Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, on the panel: “Society, State, Market: a European Answer” at the International Forum Economia e Società Aperta “Uscire della crisi”, organised by Bocconi University and Corriere della Sera in cooperation with University Carlos III de Madrid, Madrid, 25 November 2008.
The Statement indicates, given the real GDP growth for 1997-98 of 6.0 - 7.0 per cent, the expansion in M3 would be sought to be maintained in the range of 15.0 - 15.5 per cent to keep the inflation rate at around 6.0 per cent.