BIS Review 11/1998  -2-  With respect to growth in monetary aggregates, the underlying trend of lendings by private financial institutions has remained almost unchanged, and the year-to-year changes in average outstanding of M2+CDs have continued to be at around 3 percent.
He has taken a tougher stand on inflation and is looking to push through a broader reform agenda, both of which could lay the foundation for stronger long-term growth.” “But there are limits to what a central bank governor can achieve, which is why so much is riding on the make-up and performance of the next government.”  BIS central bankers’ speeches  1  Prescient forecaster Rajan was chief economist of the International Monetary Fund from 2003 to 2006.