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Antonio Colangelo, ECB Print
Wednesday, 02 March 2011, 14:00 - 15:15

Monetary Statistics and Financial Flows in the Euro Area 

Antonio Colangelo, European Central Bank

Abstract : The analysis of money and credit developments is core to the conduct of monetary policy. Those statistics are constructed in the euro area starting from the balance sheets of resident monetary financial institutions (MFIs). By appropriately netting the cross-positions between MFIs in the euro area, aggregated positions are identified with euro area resident non-MFIs (i.e. government and the money holding sector) leading to the main credit and monetary aggregates, as well as with non-euro area residents. Financial innovation (e.g. securitisation, activities with central counterparties, ...) poses many challenges in this framework as the balance sheets of MFIs continuously change to reflect new developments in financial markets. In particular, aggregated macro-economic statistics may deliver wrong messages if they were not corrected for the impact of these factors, thus making new data requirements and flexible aggregation procedures core to monetary analysis.


Location: R42.2.103