BIS central bankers’ speeches  5  but not all measurement problems have been sorted out, as observed by Gambacorta and Neri. 20 In particular, as is well known, the measurement of financial assets still fall short of the corresponding aggregate in the financial accounts: a serious problem of consistency between micro and macro evidence.
Annual growth in M1 remained strong at 6.5%, reflecting a preference for liquidity, although it was below the peak of 8.7% observed in April 2013. As in previous months, the main factor supporting annual M3 growth was an increase in the MFI net external asset position, which continued to reflect the increased interest of international investors in euro area assets.