We decided to act on strong money growth because our monetary analysis at the time indicated that the rapid creation of money was due to a rapid expansion of the supply of liquidity by monetary financial intermediaries.
My colleague Jens Walter pointed out this morning that the remittance market has to cope with various statistical problems. Owing to the multitude of channels used for remittances, it remains difficult to capture the whole picture of personal cross-border remittances. The channels vary with respect to the country concerned and the individual remitter involved.