to 0. 8 %, compared with 0. 9 % in november and 1. 0 % in october. this development was in line with previous trends ; i. e. it was due mainly to a further reduction in energy prices and also, in december, to a decline in the price increases in non - energy industrial goods. taking a forward - looking perspective, the general environment continues to suggest that there are no significant upward or downward pressures on prices in the short term. furthermore, the pattern of risks to price stability has remained broadly unchanged. on the one hand, downward risks could materialise if import or producer prices were to fall further. on the other, given current wage demands, wage developments, especially when measured in real terms, could become a matter of concern and fiscal policies would also pose a threat to the favourable outlook for prices and growth and employment prospects, if the credibility of the stability and growth pact were undermined. in addition, exchange rate trends need to be monitored closely given their importance for domestic price developments. in conclusion, taking into account the latest evidence available, the governing council has not altered its assessment of the outlook for price developments. the governing council therefore decided to keep ecb interest rates unchanged at the levels currently prevailing. i should like to take this opportunity to recall that real three - month interest rates, if measured as nominal rates corrected for current hicp inflation ( as a very incomplete proxy ), stood at a level of 2. 3 % in january ; this is approximately 80 basis points lower than the level one year ago. at the same time, real long - term interest rates, measured on a similar basis, have reached a level of 3. 0 %, which is around 110 basis points lower than in early 1998. these levels are very low, both in comparison with other countries and with historical data for the euro area. monetary and financial conditions therefore support continued economic growth in the euro area in line with price stability. i should now like to inform you about some other matters considered by the governing council. the end - of - day procedures relating to target and access to the eurosystem ’ s standing facilities were reviewed by governing council today. the governing council agreed that from tomorrow on the deadline for requesting access to the marginal lending facility will coincide with the deadline for access to the deposit facility, i. e. 30 minutes after the actual closing time of target. furthermore, the deadlines for requesting access to the eurosystem ’ s standing – 3 –

facilities will be postponed by an additional 30 minutes on the last eurosystem business day of a minimum reserve maintenance period. as a final point, i should like to inform you that the ecb is planning an information campaign with regard to the launch of the euro banknotes on 1 january 2002. one of our aims in undertaking such an exercise will be to ensure that, by the time the euro banknotes become available, every person using and handling them will be fully acquainted with their features to the extent that everyone will be able to identify the banknotes as being genuine. in this respect, the ecb will be co - operating with the european commission and the member states to ensure that there will be no duplication of effort. * * *