The sobering experience of the following few years with the framework, determined the need for clarifications and ultimately for a revision of the strategy. Since 2001 the growth of M3 started to accelerate to values well above the 4.5%, registering 10.9% in December 2001 and in December 6.6% in 2002[5] .
Global interdependencies stress the need to implement global standards in a timely and consistent way. The value of Basel III and the new International Capital Standard for insurers cannot be overstated. The Central Bank of Ireland is an active participant in international standard setting bodies, and a strong supporter of the faithful implementation of their outputs.