As done for the first time last December, we have prepared a summary note that highlights some key messages of our analysis and assessment. Many of the downside risks to euro area financial stability that were identified in the December 2008 issue of the FSR have crystallised.
As a result, foreign reserves rose by 24% to $ billion by last week, or equivalent to over 10 months of import cover. In the Monetary Sector, money supply (M3) grew by a moderate 3.0% as opposed to 0.8% growth in the same period last year.