The precise definition of the reference aggregate and the specific value of the quantitative reference value for monetary growth will be announced by the Governing Council of the ECB in December 1998.
However, while the monetary aggregates contain important and relevant information for monetary policy-making, monetary developments will not constitute a complete summary of all the information about the economy that needs to be known for an appropriate monetary policy to be set. • Second, there is also a clear need to look at other indicators.