With regard to monetary developments, the annual growth rate of M3 in February 2000 was 6.2%, implying a small increase in the three-month moving average of annual M3 growth, to 5.9% for the period from December 1999 to February 2000.
The annual rate of change in the HICP in the euro area rose from 1.9% in January 2000 to 2.0% in February 2000, reflecting the anticipated upward pressure on consumer prices stemming from oil price and exchange rate developments. In its review of the economic and monetary situation, the Governing Council also considered the recent developments in the exchange rate of the euro.