The growth of M3 has gradually approached the reference value of 4 1/2% confirming that the risks to price stability stemming from the monetary side have become more balanced in comparison to the situation in early 2000. In fact, the short term dynamics of M3 growth in the second half of 2000 were clearly weaker than in the first half of 2000.
David Dodge: Current developments in the Canadian economy Remarks by Mr David Dodge, Governor of the Bank of Canada, at the annual meeting of the Bank’s Board of Directors, Ottawa, 21 September 2001.