further out of line with the increasingly positive economic fundamentals of the euro area, as well as international balance of payments positions. in march consumer price inflation, as measured by increases in the harmonised index of consumer prices ( hicp ), rose to 2. 1 %, up from 2. 0 % in the previous month. this was due to developments in both oil prices and exchange rates. a moderation in 12 - month inflation rates can be expected in the course of 2000, reflecting the decline in oil prices from around mid - march and base effects dampening the increase in inflation rates compared with the same month a year earlier. however, what matters for monetary policy are the trends underlying the outlook for price stability in the medium term. in this respect, the depreciation of the exchange rate of the euro, until it is reversed, will increase the risks to price stability in the medium term. these risks have to be taken seriously in the light of the current strong upswing. other important factors which will have a crucial impact on the outlook for price stability over the medium term are a continuation of currently moderate wage developments, a further fiscal consolidation in line with the stability and growth pact and the further implementation of structural reforms in product and labour markets. the governing council would like its message to be very clear : price stability in the euro area will be maintained and, as i already said last week, the citizens of europe can be confident that their savings and pensions will keep their value over time. price stability will help to turn the current upswing into a long period of high economic growth and falling unemployment, and it will strengthen the currency. finally, i should like to inform you about two items related to the field of statistics. first, the governing council has decided in the near future to publish a comprehensive description of the statistical information collected and compiled by the escb, mainly in the areas of money and banking statistics, securities issues, interest rates, balance of payments and financial accounts, with pointers to possible developments in these areas. second, the governing council has adopted a revised guideline and a revised recommendation on “ the statistical reporting requirements of the ecb in the field of balance of payments statistics, the international reserves template and international investment position statistics ”. both the guideline and the recommendation will be published in the official journal of the european communities in due course.

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