Subsequently, in the aftermath of the events of 11 September, the exceptional rise in economic and financial uncertainty led to further shifts out of longer-term assets and into low-risk, liquid instruments included in M3. In addition, let me point to the substantial decline in the growth of loans to the private sector in 2001.
From standard-setting to the application of the new rules  3.1  The European Commission’s proposal for a directive  Ladies and gentlemen, these and other standards from the Key Attributes are a milestone on the road to containing the Too-Big-To-Fail problem.