combine with governments'thrift and the workings of law and regulations to determine the real basis for economic welfare. credibly reassuring market participants and the public at large about price stability over the medium run, and acting in a determined manner to fulfil this promise, is the best contribution that a prudent monetary authority can make to social welfare. any attempt on our part to correct this balance of real forces in the short run at the expense of the stability of the currency would only be futile and self - defeating. the treaty establishing the european community recognises this fundamental dichotomy. consequently, it forged a thoughtful and harmonious institutional construction, in which overlaps of competence are carefully avoided. for our part, we welcome the construction designed by the treaty and respect the separation of policy responsibility on which it rests. the ecb's mandate to maintain price stability is perfected by the independence it was assigned. the current situation our strategy has been in operation successfully since 1 january 1999. when confronted with risks to price stability, the governing council has never hesitated to take resolute action in a timely manner. from november 1999 to october 2000, the ecb's interest rates were raised by a total of 225 basis points each in response to upward risks to price stability. these decisions preserved successfully positive outlook for the maintenance of price stability in the euro area. where do we stand now, six months after our last interest rate change? starting with the analysis conducted within the framework of the first pillar of the ecb's monetary policy strategy, in the second half of 2000 and in early 2001 we have been witnessing a downward trend in the dynamics of both money and credit. over the period january – march 2001, the three - month average of the annual rate of growth of m3 was 4. 8 %. this is 1. 1 percentage points lower than over the corresponding period 12 months earlier and close to the reference value of 4½ %. the ecb focuses on the three - month average of annual m3 growth rates since monetary data can sometimes be distorted. in march 2001, annual m3 growth was 5. 0 %. while this was 0. 3 percentage points higher than in february, the march figures should not be read as a change in the underlying trend. in fact, if calendar effects were filtered out, in march 2001 m3 growth would have been lower. in addition, in interpreting the latest developments we need to be aware that there is some evidence that over recent months purchases

barometer, 2016. an example of this question in action is the criticism that online video companies have received for making available an anti - vaccine documentary that was directed by the author of the discredited lancet study on the link between the mmr vaccine and autism. this important principle has been reaffirmed with the creation of uk research and innovation. government is fully committed to the principle that funding decisions should be taken by experts in their relevant areas and [ … ] have ensured this is reflected in the design of ukri. dfe higher education and research bill : ukri vision, principles & governance. these principles also underpin the mpc in which independent experts debate the issues and vote on interest rates based on their best professional judgment. germany, with a long tradition of prosecuting hate speech, is considering imposing a fine on those that transmit fake news. as a result, facebook is putting in place a process to flag dubious stories to a fact checker, during which they will not be prioritized by news feed algorithms. facebook, google, buzzfeed and others have joined an industry initiative called crosscheck which aims to verify content circulating online, with a particular focus on the upcoming french presidential election. all speeches are available online at www. bankofengland. co. uk / speeches 3. provide the public with tools to assess trustworthiness it is hard to imagine a return to an age when large media companies controlled the flow of information, a small number of political parties dominated the political discourse and professionals of all sorts were trusted almost unquestioningly. therefore it is even more important for citizens to be able to assess the quality of the flood of information and opinions they receive and to differentiate facts from falsehood. the online commerce world has developed many tools to inform judgments about who to trust such as ratings provided by other consumers, feedback on the reliability of other users, and data on performance measures such as timeliness of delivery. what tools might be relevant for the world of ideas? in some instances, traditional institutions have evolved to meet this need. nhs direct and the national institute of heath information for the public websites are good responses to the phenomenon of patients coming to surgeries armed with reams of data and views from the internet. these authoritative websites provide a reliable source of information to discerning patients who would otherwise have to sift through sometimes contradictory information from multiple sources. in other instances, non - traditional sources of judging the quality of information have emerged.