The current yield curve has led to very rapid increases in time deposits and to a substantial decline in annual M1 growth. Such effects and other temporary factors must be taken into account in assessing monetary developments. Overall, a broad-based analysis of the data, 2  BIS Review 96/2008  taking the appropriate medium-term perspective, confirms the underlying strength of money growth.
Thank you very much for your invitation, relayed to me through my old friend François de Grivel.