translate English to French: 2006, differ from those underlying the strong M3 growth observed between 2001 and early 2003. In the latter case, portfolio shifts into monetary assets stemming from the heightened geopolitical, economic and financial uncertainty prevailing at that time were the main factor driving monetary expansion, while private sector loan growth was subdued.
Graphique 5 Principales composantes de M3 (variations annuelles en pourcentage ; données corrigées des variations saisonnières et des effets de calendrier)