Equally important are the dynamics of the counterparts. Each month when I mention the monetary analysis, on behalf of the Governing Council, I often mention explicitly some of the counterparts of M3, for instance the non-financial corporate increase in outstanding credit, the private sector credit, the outstanding loans to finance housing etc.
And this deep and broad analysis of components, counterparts, and sectorial breakdown of M3 is fully part of the monetary pillar analysis – not in a mechanistic approach, but in an approach that has served us very well. Myself and my colleagues of the Executive Board including Jürgen Stark and Lucas Papademos we all underline these points.