Due to the uncertainties with which the interpretation of the development of the monetary base in the past two years was fraught, we set our sights increasingly on the broadly defined monetary aggregates, notably on M3. At the end of 1995, the growth of M3 had clearly accelerated as a result of our generous monetary policy. The strong expansion of M3 gradually gave way to normal conditions in the course of 1997. In the fourth quarter, M3 exceeded the previous year's level by 3.5%. This growth rate is in a range which is in conformity with price stability in the long run.
