It should be recognised that the intensification of the financial market turmoil since midSeptember marks a potential watershed in the evolution of monetary developments. The most recent money and credit data indicate that this intensification has had a significant impact on the behaviour of market participants.
Thus far, such developments have largely taken the form of substitution among components of the broad aggregate M3, rather than sharp changes in the evolution of M3 itself. 2  BIS Review 151/2008  The latest available data, namely up to the end of October, reveal a continued moderation of the growth rate of loans to the non-financial private sector.