Assessment of Monetary Policy

The last meeting of the SOMC in March 1974 recognized that monetary growth moved over the second half of 1973 in the direction recommended at the first meeting of the SOMC in September 8, 1973. The SOMC reaffirmed at the second meeting in March 1974, the original recommendation and proposed that monetary growth should continue at 5% to at most 5 1/2% per annum. This proposal was essentially justified by the SOMC's determination to lower gradually and systematically the inflation rate over the next years