At the national level (counting over 30 countries now), there has also been a physical convergence of the different financial supervisory bodies – more specifically the establishment of “integrated supervisors” (i.e., supervisors that are responsible for at least two (2) types of financial institutions).
Growth in monetary aggregates, measured in terms of the year-to-year growth rate of M2 + CDs average outstanding, has continued at 3.0 - 4.0 per cent, as corporate demand for funds has been increasing at a moderate pace. Regarding money market rates, the overnight call rate (uncollateralized), together with the 3-month CD rate, has moved at a low level albeit with small fluctuations.