Indeed, the downward trend in annual M3 growth since mid-2003 appears to have halted over the summer of 2004, and the shorter-term dynamics of M3 have strengthened. This reflects the fact that the historically low level of interest rates in the euro area continues to support monetary expansion.
T. Mboweni: Deepening Capital Markets: The Case of South Africa – 7 November 2006  BIS Review 116/2006  3.6  The monetary and fiscal authorities in South Africa pursue sound policies which promote stability and provide a solid platform for growth and development.