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To: CalculatedRisk who wrote (41172)	11/15/2005 3:10:12 PM
From: regli	Respond to of 116555

Interesting reply in the comments section of the Altig article. macroblog.typepad.com Curiously the ECB considers M3 (broad money) as one of its key indicators. Growth in M3 above targets is one of the arguments being used to justify the need for 'imminent rate rises' in the eurozone. You can use your own judgement to decide whether we are ahead of or behind the curve here:). Indeed new candidate eurozone members like Poland have just started keeping track of M3 (in 2002) as part of the reform and standardisation programme: "The scope and the presentation format are adjusted to standards used by the European Central Bank. Starting from March 2002, broad money M3 became basic analytical and publication category of money supply in Poland." nbp.pl If you're really an M3 and ECB headbanger, you can try this working paper: ecb.int Posted by: Edward Hugh \| November 15, 2005 at 01:13 PM