Consider for example a simultaneous, coordinated attack on several Global Systemically Important Banks or critical financial infrastructure providers (such as a stock exchange or a central counterparty clearing house). This could have a yet unknown domino-effect on those firms’ counterparties which could have the potential to lead to a systemic shock in the financial system.
Accordingly, looking at M3 growth in isolation can be misleading; it is equally important to look at the underlying dynamics of money supply through an analysis of the components as well as sources of money supply.