be justified. Money growth still exceeds the reference value by a wide margin. Although our analysis indicates that money … money growth cannot be explained by special factors alone. The perspectives for price level stability have also not improved … a decision because they also have problems of meeting the obligations of the Stability and Growth Pact. So it is …

at its target; this neutral rate lies between 4 and 4.5 percent. Money growth has exceeded the reference value of 4 … to special factors. If this judgment is correct, money growth will slow down markedly in the coming months. As a … of money growth should not be used as an indication that monetary policy is tight and needs to be loosened because the …

Economic and Monetary Union. Whereas most countries have in the meantime complied with the goal of the Stability and Growth …