In this background, priority is accorded to financial education. For example, in the U.K, the Financial Services Authority is reported to have launched the biggest campaign ever to improve the financial skills of the population.
Moreover, the process of securitisation of loans itself positively affects the capacity of banks (of MFIs, to be precise), to issue new loans and thus it could have an indirect expansionary effect on M3 growth. How can we deal with the influence of these factors on money creation and their potential effects on the medium and long-term inflation outlook?