NEW YORK (AFX) - March M3 growth in the eurozone "must be examined very closely" according to Jean-Claude Trichet, governor of the Bank of France.
Trichet, who is also a member of the board of governors of the European Central bank, said that the monetary measures of the eurozone have recently shown, "a progressive decline in the M3 growth rate which suggests the risks against price stability were more stable than previously thought."
But, "bearing this in mind, the latest figures published on Monday must be examined very closely," he stressed, speaking at a conference at New York University.
The M3 growth rate increased in March, reaching 5 pct after 4.7 pct in February, according to the BCE figures released on Monday and is ahead of the 4.5 pct target set by the BCE.
Noting the slowdown in demand provoked by the rapid slowdown in the U.S. economy, Trichet said there are "numerous areas needing continued vigilence."
He said, in particular, "the growth in salaries and the need to avoid secondary effects which could be provoked by current inflationary pressures of rising petrol prices and a weak euro."