As first pointed out by William Poole more than thirty years ago, there are many short-term shocks to the amount of money demanded for each unit of nominal income, which monetary authorities would do better ignoring and accommodating. These unexplained innovations may be simply related to seasonal noise in the money creation system, or transitory forces driving around transactions habits.
This does not necessarily mean that they will shrink in absolute terms, particularly given the population is growing quickly, but certainly their growth prospects would be weaker than in an alternative state of the world in which the resources sector was to remain at its historical size. It follows that adjustment challenges will arise, with industrial and geographical implications.