In addition, the growth of credit to the private sector has continued to decline over recent months. Overall, despite the acceleration in M3 growth, current monetary developments do not signal risks to price stability in the medium term. We will continue to closely examine the underlying dynamics of monetary growth.
BIS Review 110/2006  1  Concerning the second aspect, financial integration also increases the potential for greater and more sustainable economic growth, as it will increase the capability for economies of scale and scope, and thus increases investment opportunities. For example, an integrated financial system, with harmonised rules, standards and practices across the different countries, would allow for more rationalisation, consolidation and expansion.