Empirical evidence of monetary developments in the euro area points towards a stable relationship between demand for the broad monetary aggregate M3 and price developments as well as towards good leading indicator properties of M3 growth for inflation over the medium term.
Most organizations do not have the option of simply scrapping their existing computer systems and replacing them with shiny new “turn-key” hardware and software. To one degree or another, we all rely on elaborate proprietary software systems that have been developed over many years, and these programs must be debugged by a skilled programmer.