PRESS RELEASE

Monetary policy decisions

14 December 2000

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

  1. The minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.75%, 5.75% and 3.75% respectively.

  2. The reference value for the annual growth rate of the broad monetary aggregate M3 will remain at 4 1/2%.

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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