Luxembourg central bank chief Yves Mersch, a member of the European Central Bank council, on Friday said that scrutiny of money supply retained a key role in the setting of monetary policy. Asked whether the ECB's reference to moderate six month M3 money supply growth rates in the November monthly report was a sign that the ECB saw no price risks coming from monetary developments, Mersch said this was not the case. "No. The message is we are looking at how past (rate) increases work through and