On 1 February 1999 we released the latest data on monetary developments in the euro area. These data confirmed the continuation of a favourable outlook for price stability in the euro area. The latest three-month moving average of annual M3 growth rates (covering the period from October to December 1998) was 4.7%.
My view is considerably more sanguine. Although there are pockets of financial stress among households, the sector as a whole appears to be in good shape. Households have taken on quite a bit of debt over the past several years.