Some structural factors also appear to be at work, with perhaps the most important of these related to competition and technology. I will come back to this in a moment.
Since 2005, the interest rate on 7-days repo operations has increased by more than 500 basis points, acting as an important absorption instrument. Recently, we have established a regular auction mechanism to provide daily liquidity and we have expanded the universe of securities taken as underlying assets for these operations. What does the recent trend in money supply reflect?