Let me focus on the latter which are pertinent for the conduct of monetary policy. As a result of financial innovation and the introduction of new financial products, coupled with changes in payment technologies and practices (e.g. internet banking), the demand for monetary and financial assets as well as the characteristics of available financing instruments have been affected.
Consequently, the interpretation of developments in monetary and credit aggregates and the extraction of information for the assessment of the risks to price stability require more detailed analysis. Let me give an example.