I will be focusing, in particular, on whether BIS Review 48/1997  - 11 -  growth is continuing above trend with utilization rates rising further and whether inflation pressures are mounting at current utilization rates.
Ample market liquidity had its origins in benign macroeconomic conditions, low and relatively stable long-term interest rates, financial  1  Indeed, central banks had been discussing the possibility of a repricing of risk for some time. See "Developments and Trends," Financial System Review (Ottawa: Bank of Canada, June 2004): 4-5.