At that time, developments in M3 were only slightly above the reference value and, also taking account of the uncertainties related to the analysis of monetary developments at the start of Stage Three of EMU, these developments were therefore not considered as pointing to upward risks to price stability.
In the following months, however, the subdued climate was replaced by a gradually improving economic environment. At the same time, upward pressures on consumer prices arose, mainly as a result of the increase in import prices, driven by rising oil prices and the depreciation of the exchange rate of the euro.