On the contrary, trends that have been observed over a period of several years continue to hold. The gradual slowdown in the growth of mortgage loans, whose rate of increase is now below 4%, is persisting. The growth in other lending is still picking up pace, confirming the momentum of the business cycle. These loans are now growing at a rate of 16%, which is faster than in the boom period of 1999 and 2000. At this rate, the level attained during that previous boom will soon be reached again. The behaviour of the monetary aggregates might appear to contradict movements in lending. However, we should not forget that money is a long-term indicator, while the other credits are an indicator that moves in line with the business cycle. In response to past increases in interest rates, a transfer from sight deposits and savings deposits to higher-yield term deposits is underway. Consequently, the M1 and M2 monetary aggregates, which do not include term deposits, are declining. M3, which incorporates all types of deposits, is registering very moderate growth compatible with more stable inflation in the medium and long term. Risks associated with the inflation outlook As usual, our assessment of the inflation outlook is embedded in the baseline scenario that we consider the most probable future development. However, the uncertainties associated with the scenario are greater than usual. This is due to a convergence of various trends with differing effects on the economy.
But it must be clear that beyond regulators and central banks, the private sector has also a key role to play to ensure that the digitalisation of finance indeed brings about the efficiency benefits it is expected to deliver without jeopardizing the stability of our financial system. From that perspective I would like to underline the strategic importance of the European Payments Initiative. 3/4  BIS central bankers' speeches  The EPI is currently the only project aiming to offer an integrated pan-European payment solution with a common brand, and not based on the interoperability of heterogeneous domestic solutions. I regret that part of the European banking community has prioritised other interests over a common, lasting project. This shrinking of the number of shareholders has inevitable consequences on the capacity of the initiative, leading EPI to give up on a European card scheme, and leaving this field open for international schemes in the short and medium term. On the other hand, we can also acknowledge that EPI has decided to invest in the next generation of payments: mobile, account-to-account and instant payments. Eight of the first ten European banks and the two largest European payment processors are part of the project. We therefore hope that the launch of the first EPI solutions, expected for the beginning of 2023, will convince other banking communities to join this new digital pan-European solution, which stands as a great chance for the European market to build the independence of the European payments market for the future.