Lorenzo Bini Smaghi has become the latest senior European Central Bank (ECB) official to stress the importance of the central bank's focus on monetary aggregates.
The ECB's monetary policy framework takes heed of monetary and credit aggregates, along with CPI inflation. The bulk of advanced economy central banks have focused less on the aggregates in recent decades following more often-than-not fraught attempts to control them, with some in the profession deriding them as relics of a defunct doc
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