It was living through the events of August, in combination with ongoing efforts by the Bank of Canada to strengthen the functioning of international financial institutions, that has led me to use my remarks today to make a clear case for transparency. In doing so, I will not limit my comments to financial markets.
Annual growth in M1 remained strong at 6.5%, reflecting a preference for liquidity, although it was below the peak of 8.7% observed in April 2013. As in previous months, the main factor supporting annual M3 growth was an increase in the MFI net external asset position, which continued to reflect the increased interest of international investors in euro area assets.