Noyer: Does money matter? A European perspective

In the speech 'Does money matter? A European perspective' given on 9 November Christian Noyer of the Bank of France said euro zone money supply growth may remain strong because of a structural increase in the demand for money.

'We might be facing a permanent increase in the demand for money and of course this shift may impact on measures for excess liquidity,' said Noyer, who is also a member of the European Central Bank governing council.

'Consistent with this hypothesis is the fact that money

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