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COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL

Chia sẻ: Sdcsc Czcxzc | Ngày: | Loại File: PDF | Số trang:10

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The role of monetary analysis in the ECB’s monetary policy strategy is founded on the robust positive relationship between longer-term movements in broad money growth and inflation, whereby money growth leads inflationary developments. This relationship is found to hold true across countries and monetary policy regimes. 1 Accordingly, when trying to identify the contributions to monetary growth that are associated with risks to price stability, it is necessary to look for changes of a persistent nature or that are driven by factors beyond the normal needs of the economic cycle. In this respect, the supply of money and credit may be...

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