PRESS RELEASE

Monetary policy decisions

2 December 1999

At today's meeting the Governing Council of the ECB took the following monetary policy decisions:

  1. The interest rates on the main refinancing operations, the marginal lending facility and the deposit facility will remain unchanged at 3.0%, 4.0% and 2.0% respectively.
  2. The reference value for the annual growth rate of the broad monetary aggregate M3 will remain 4½%.

The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 2.30 p.m. today.

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