In this context, we will focus in particular on the passthrough of our monetary policy measures, as well as on geopolitical, energy and exchange rate developments. Turning to the monetary analysis, recent data confirm robust growth in broad money (M3). The annual growth rate of M3 was 5.0% in May 2015, compared with 5.3% in April.
in J. Pisani-Ferry and A. S. Posen, eds., the Euro at Ten: The Next Global Currency? Peterson Institute for International Economics. Blanchard, O., F., Giavazzi and F. Sa (2005). “The U.S. Current Account and the Dollar”. MIT Department of Economics Working Paper, No 05–02 and NBER Working Paper No 11137, February 2005. Carney, M., 2009. “The Evolution of the International Monetary System”.