This was probably the case in the first few months of 2001 when the uncertainty on the stock markets temporarily increased the attractiveness of short-term secure assets.
The aim of the analysis must, therefore, be to trace the growth in M3 back to its underlying factors in order to assess the extent to which some components of the monetary developments are not relevant for future domestic price developments. The revisions to M3, which the ECB made in its publication of monetary data for April, should also be considered in this light.