The annual growth rate of M3 remained broadly unchanged at 3.8% in  BIS central bankers’ speeches  1  November 2012, after 3.9% in October. M3 growth continued to be driven by a preference for liquid assets, as M1 growth increased further to 6.7% in November, from 6.5% in October, reflecting inflows into overnight deposits from households and non-financial corporations.
Without this, the sovereign debt crisis would not have been nearly so severe. Addressing financial imbalances All this raises the question, however, as to why financial imbalances were not given more attention prior to the crisis.