BIS Review 22/2003  1  In the context of our monetary analysis, focusing on the medium to long term, the broad monetary aggregate M3 has now been growing strongly over a protracted period. Moreover, the data for more recent months do not suggest that a process of correction has started.
And that is why I was very happy to take on, together with Finance Minister Hans Eichel, the sponsorship of this major inaugural conference of the foundation. Hans Eichel will be addressing you tonight. Good times and bad times have taught the German people the importance of stable money and a stable financial system.