Undeniably, this monetary development does not fit well with the normal pattern in which economic recovery leads to higher monetary growth through robust corporate activity. However, there are several reasons for the recent downtrend of the monetary aggregates. First, although corporate cash flow remains plentiful thanks to recovering profits and restructuring effects, expenditures such as business investment are lower than this level.
4  BIS Review 37/2010  Conclusion The introduction of the single currency just over a decade ago represents the greatest achievement in the history of European integration to date – a process that has ensured six decades of peace and prosperity in Europe. The global financial crisis has brought fresh challenges to which we in Europe have all risen.