At least part of the credit for our continued economic performance should go to our sound framework for macroeconomic policy, which includes the transparent monetary policy of inflation targeting that I mentioned earlier, as well as a sound fiscal policy.
Shifts from overnight deposits to short-term time deposits led to a decrease in the annual rate of growth of M1, which declined to 6.2% in December, from 6.7% in November, and outflows from marketable instruments dampened overall M3 growth.