V.  The study of monetary policy transmission mechanism should also consider the impact of ageing and social security system on the effects of monetary policy. The current financial situation is characterized by fast growth of money supply and credit but muted CPI growth and high investment ratio. In 2003, investment ratio increased by 6 percentage points and M2-GDP ratio was very high.
Dr A H E M Wellink: Introduction to the press conference on the 1999 Annual Report  Speech by Mr A H E M Wellink, President of De Nederlandsche Bank, at the press conference, held in Amsterdam on 17 May 2000. *  *  *  The world economy is in good shape.