The relationships of the monetary aggregates to income and prices were eroded significantly over the course of the 1980s and into the early 1990s by financial deregulation, innovation, and globalization.
Ladies and gentlemen, It is now a great pleasure for me to welcome, once again, Governor Erkki Liikanen from Suomen Pankki, who – if I may say that much – will also have a special announcement to make (CEEI 2012 in Helsinki). Erkki, the floor is yours. 6  BIS central bankers’ speeches