In regard to oil funds, the transparency and disclosures standards appear to be lower than those for the official reserves but with some accountability. An interesting question in this regard is the extent to which the windfall revenues can be equated with the large capital flows.
Turning to the monetary analysis, broad money (M3) growth continued to rise, reaching 10.2% in July 2020, after 9.2% in June. Strong money growth reflects domestic credit creation and the ongoing asset purchases by the Eurosystem, as well as precautionary considerations which foster a heightened preference for liquidity in the money-holding sector.