Numbers at the top and bottom of each bar within a panel represent the sum of liability changes as one looks from left to right. As with lending growth, the growth in core deposits at U.S. banking organizations was likely influenced by both demand-side and supply-side considerations as well as by government policies implemented to improve financial conditions.
While acknowledging that issues related to central bank independence were already resolved in 1998 and do not, therefore, need to be addressed again, the ECB Convergence Report follows the same approach as that of the Convergence Report prepared in 1998 by the European Monetary Institute (EMI).