The Monetary Aggregates and Current Objectives of European Central Bank
Agregaty pieniężne i aktualne cele Europejskiego Banku Centralnego

Summary/Abstract: Current quantitative easing brought into monetary policy of central banks unprecedented influence on monetary equilibrium and monetary policy as a whole. The issue of money and establishing interest rates are the main activities of central banks. Through issuing of money, the central banks immediately influence the behaviour of households, companies, financial markets and the state with measurable impact on main economic outcomes. The monetary policy strategy of the EuropeanCentral Bank requires identification of a monetary aggregates which is a stable and reliable indicator of inflation over the medium term. This is closely related to growth of real GDP and the rate of unemployment. When monitoring the issue of money, it is necessary to focus not only on its volume, but also on the attributes and functions carried by money. The objective of the paper is to analyse the individual monetary aggregates of issued money in the eurozone, their different effect on economy with a major impact on medium term growth of real domestic outcome. The paper deals with the denomination of the aggregate to its various elements within European CentralBank, which is significant for fulfilling its monetary policy targets.

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