dynamics. and this confirmation will be particularly important for the more persistent components, such as services, so that we can trust these components will continue to decline in keeping with their typical lagging pattern. if these data reveal a sufficient degree of alignment between the path of underlying inflation and our projections, and assuming transmission remains strong, we will be able to move into the dialling back phase of our policy cycle and make policy less restrictive. but thereafter, domestic price pressures will still be visible. we expect services inflation, for example, to remain elevated for most of this year. so, there will be a period ahead where we need to confirm on an ongoing basis that the incoming data supports our inflation outlook. this has two important implications for the policy path ahead. first, our decisions will have to remain data dependent and meeting - by - meeting, responding to new information as it comes in. this implies that, even after the first rate cut, we cannot pre - commit to a particular rate path. second, our policy framework will remain important to process the incoming data and calibrate the appropriate policy stance. at the same time, the relative weights assigned to the three criteria will have to be regularly examined. conclusion 5 / 6 bis - central bankers'speeches let me conclude. i said after our last governing council meeting that, when it comes to the data that is relevant for our policy decisions, we will know a bit more by april and a lot more by june. i hope that my remarks today help you to better understand our analysis and logic. in the coming months, we will receive more data, which will help us to assess whether we are sufficiently confident in the path ahead to move to the next phase of our policy cycle. 1 chahad, m., hofmann - drahonsky, a. - c., meunier, b., page, a. and tirpak, m. ( 2022 ), " what explains recent errors in the inflation projections of eurosystem and ecb staff? ", economic bulletin, issue 3, ecb ; chahad, m., hofmann - drahonsky, a. - c., page, a. and tirpak, m. ( 2023 ), " an updated assessment of short - term inflation projections by eurosystem and ecb staff ", economic bulletin, issue 1, ecb ; chahad, m., hofmanndrahonsky,

european central bank : press conference - introductory statements introductory statements by mr willem f duisenberg, president of the european central bank, and mr christian noyer, vice - president of the european central bank, at the press conference held in frankfurt, on 6 july 2000. * * * ladies and gentlemen, the vice - president and i are here to report on the outcome of today ’ s meeting of the governing council of the ecb, which was also attended by mr. papademos, governor of the bank of greece, to whom the governing council has extended a standing invitation following the eu council ’ s decision on greece ’ s adoption of the euro on 1 january 2001. the governing council conducted its regular examination of recent monetary and economic developments and their implications for the risks to future price stability in the euro area. subsequently, it decided to keep the interest rates on the eurosystem ’ s monetary policy instruments unchanged. thus the minimum bid rate in the main refinancing operations of the eurosystem was left at 4. 25 %, and the interest rates on the marginal lending facility and the deposit facility were kept unchanged at 5. 25 % and 3. 25 % respectively. allow me to give you an overview of the main elements of our assessment of the latest information on monetary, financial market and other economic developments. in the context of the first pillar of our monetary policy strategy, let me start with the latest monetary developments in the euro area. the three - month average of the annual growth rates of m3, covering the period from march to may 2000, stood at 6. 3 %, which was unchanged from the period from february to april 2000. at 6. 3 %, m3 growth was substantially above the reference value of 4 1 / 2 %. this deviation of m3 growth from the reference value, combined with the strong growth of both m1 and credit to the private sector, indicates that liquidity conditions continued to be ample in the euro area through may. the increase in ecb interest rates on 8 june - in conjunction with the interest rate increases made since november 1999 - exerts a moderating influence on both money and credit growth. turning to the second pillar of our strategy, considering real economic developments, recent data indicate that the euro area economy has continued to grow at a robust pace. the first estimate of real gdp growth in the first quarter of this year was 0. 7 %. although this was slightly below the average observed in the second half of last year,