That means that the Governing Council cross-checks the information gained from economic analysis with all available evidence from a wide range of monetary, credit and asset market indicators. Looking back, this monetary strategy has served us very well, despite some inherent volatility between money demand and inflation: Since 2004, private lending and money aggregates have grown in parallel and at accelerated speed.
This was an early indication of the current economic upswing, which most other data did not signal until much later.